{"id":744178,"date":"2019-11-14T03:44:25","date_gmt":"2019-11-14T03:44:25","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/11\/14\/govt-spent-11-7b-to-embark-on-banking-sector-clean-up-finance-minister\/"},"modified":"2019-11-14T03:44:25","modified_gmt":"2019-11-14T03:44:25","slug":"govt-spent-11-7b-to-embark-on-banking-sector-clean-up-finance-minister","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/11\/14\/govt-spent-11-7b-to-embark-on-banking-sector-clean-up-finance-minister\/","title":{"rendered":"Govt spent $11.7b to embark on banking sector clean-up &#8211; Finance Minister"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"622\" height=\"619\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/11\/image-141.png\"   alt=\"\" title=\"image-141\"\/><figcaption class=\"wp-caption-text\">Ken Ofori-Atta, the Finance Minister<\/figcaption><\/figure>\n<\/div>\n<p>Ken Ofori-Atta, the Finance Minister, has disclosed during the presentation of the 2020 budget to Parliament that, the government spent about $11.7 billion to clean-up the banking sector.<\/p>\n<p>According to him, the initiative was government\u2019s way of intervening to save depositors and investors whose\u00a0funds were locked up\u00a0in\u00a0failed\u00a0financial\u00a0institutions.<\/p>\n<p><strong>READ ALSO: Infographics: Highlights of 2020 budget statement<\/strong><\/p>\n<p>\u201cThe intervention of government to save depositors and investors whose funds were locked up in failed financial institution has been very costly,\u201d he said.<\/p>\n<p>\u201cIn 2017 and 2018 the government spent 11.7 billion to save depositors held by banks that were resolved by the Bank of Ghana and set up the Consolidated Bank Limited,\u201d he said.<\/p>\n<p><strong>SEE THIS: Thank you for being very vocal in opposition \u2013 Ofori Atta to NDC<\/strong><\/p>\n<p>He further added that the government spent GH\u00a21.5 million to revoke the licenses of certain financial institutions all in the interest of safeguarding depositors and investors.<\/p>\n<p>\u201cThis year\u00a0government had to intervene again to provide relief to\u00a0depositors\u00a0when the Bank\u00a0of\u00a0 Ghana revoked\u00a0the licenses of 347\u00a0micro-finance institutions,\u00a015 savings\u00a0and loans and\u00a0eight finance houses. Our total cost for this exercise was about 1.5 million cedis,\u201d he added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ken Ofori-Atta, the Finance Minister Ken Ofori-Atta, the Finance Minister, has disclosed during the presentation of the 2020 budget to Parliament that, the government spent about $11.7 billion to clean-up the banking sector. According to him, the initiative was government\u2019s way of intervening to save depositors and investors whose\u00a0funds were locked up\u00a0in\u00a0failed\u00a0financial\u00a0institutions. READ ALSO: Infographics: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":744142,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-744178","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>Govt spent $11.7b to embark on banking sector clean-up - Finance Minister - 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\/11\/14\/govt-spent-11-7b-to-embark-on-banking-sector-clean-up-finance-minister\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Govt spent $11.7b to embark on banking sector clean-up - Finance Minister - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Ken Ofori-Atta, the Finance Minister Ken Ofori-Atta, the Finance Minister, has disclosed during the presentation of the 2020 budget to Parliament that, the government spent about $11.7 billion to clean-up the banking sector. 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