{"id":695593,"date":"2019-08-30T13:08:23","date_gmt":"2019-08-30T13:08:23","guid":{"rendered":" <br><div>\n\t\t\n<p><strong>Dr. Ernest Addison, BoG boss<\/strong><\/p>\n\n\n\n<p>GOVERNMENT\nHAS been compelled to give extensive details on how it managed to save the\nbanking industry from further collapse with sweeping measures.<\/p>\n\n\n\n<p>This\nfollows attempts b"},"modified":"2019-08-30T13:08:23","modified_gmt":"2019-08-30T13:08:23","slug":"govt-reacts-to-mahamas-banking-mess-saga","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/30\/govt-reacts-to-mahamas-banking-mess-saga\/","title":{"rendered":"Gov\u2019t Reacts To Mahama\u2019s Banking Mess Saga"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Dr. Ernest Addison, BoG boss<\/strong><\/p>\n<p>GOVERNMENT<br \/>\nHAS been compelled to give extensive details on how it managed to save the<br \/>\nbanking industry from further collapse with sweeping measures.<\/p>\n<p>This<br \/>\nfollows attempts by former President John Mahama to blame the incumbent for the<br \/>\nrecent crisis that hit the banking sector.<\/p>\n<p>Speaking<br \/>\nat the commissioning of a $5 billion affordable housing project on Wednesday at<br \/>\nAfuaman near Amasaman in the Greater Accra Region, Vice-President Dr. Mahamudu<br \/>\nBawumia, a former Deputy Governor of the Bank of Ghana (BoG), said the current<br \/>\nleadership of BoG had to act decisively to clear the mess created under the<br \/>\nJohn Mahama-led administration to avert the collapse of the entire financial<br \/>\nsystem.<\/p>\n<p>According<br \/>\nto him, \u201cSeveral of the failed financial institutions could not pay their debts<br \/>\nto other financial institutions and that in itself was threatening to collapse<br \/>\nother institutions.\u201d<\/p>\n<p>As<br \/>\na responsible government, he indicated that \u201cthe Akufo-Addo administration<br \/>\ncontinues to spend considerable amounts of money to pay off debts Mr. Mahama\u2019s<br \/>\ngovernment and SOEs owe to banks that created liquidity challenges for some of<br \/>\nthese banks.\u201d<\/p>\n<p>Apart<br \/>\nfrom that, he noted: \u201cWe have also supported the necessary clean-up effort and<br \/>\nprovided significant and timely relief to depositors whose deposits were at<br \/>\nrisk as a result of the demise of the defunct banks, MFIs and savings and loans<br \/>\ncompanies\/finance houses, totalling\u00a0 over<br \/>\nGH\u00a213 billion.\u201d<\/p>\n<p>It<br \/>\nwas because of such issues that government set up the Consolidated Bank Ghana<br \/>\nLimited (a wholly-owned Government of Ghana and licensed by the Bank of Ghana<br \/>\nas a universal bank) and capitalized it with GH\u00a2450 million to acquire the<br \/>\ndeposit liabilities of seven of the nine defunct banks so that no depositor<br \/>\nlost their deposits.<\/p>\n<p>According<br \/>\nto him, Ghana now had stronger indigenous banks instead of the many poorly<br \/>\ncapitalized and poorly governed as well as poorly managed entities.<\/p>\n<p>He<br \/>\nsaid the central bank\u2019s directive to commercial banks to increase their minimum<br \/>\npaid-up capital to GH\u00a2400 million by 31<sup>st<\/sup> December 2018 had been<br \/>\nsuccessful. <\/p>\n<p>Also,<br \/>\ngovernment\u2019s decision to provide an amount of GH\u00a2800 million to the Ghana<br \/>\nAmalgamated Trust (GAT) to capitalize solvent indigenous banks was progressing steadily.<\/p>\n<p>He said if government had not taken such actions that would have been a real national security threat. He asked rhetorically: \u201cWhere from John Mahama\u2019s new found care for indigenous firms? Does John Mahama know how many indigenous firms collapsed under his four years of dumsor? Why didn\u2019t his government bail them out?\u201d<\/p>\n<p><strong>By Charles Takyi-Boadu, Presidential Correspondent<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Ernest Addison, BoG boss GOVERNMENT HAS been compelled to give extensive details on how it managed to save the banking industry from further collapse with sweeping measures. This follows attempts by former President John Mahama to blame the incumbent for the recent crisis that hit the banking sector. Speaking at the commissioning of a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":686353,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-695593","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gov\u2019t Reacts To Mahama\u2019s Banking Mess Saga - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/30\/govt-reacts-to-mahamas-banking-mess-saga\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gov\u2019t Reacts To Mahama\u2019s Banking Mess Saga - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr. Ernest Addison, BoG boss GOVERNMENT HAS been compelled to give extensive details on how it managed to save the banking industry from further collapse with sweeping measures. 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