{"id":764762,"date":"2019-12-14T01:50:36","date_gmt":"2019-12-14T01:50:36","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/12\/14\/why-akufo-addo-describes-his-deputy-as-prophet\/"},"modified":"2019-12-14T01:50:36","modified_gmt":"2019-12-14T01:50:36","slug":"why-akufo-addo-describes-his-deputy-as-prophet","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/12\/14\/why-akufo-addo-describes-his-deputy-as-prophet\/","title":{"rendered":"Why Akufo-Addo describes his deputy as &#8216;prophet&#8217;"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"696\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/12\/pjimage-3-696x696.jpg\"   alt=\"\" title=\"pjimage\"\/><\/div>\n<p>President Akufo-Addo has hailed Vice President Mahamudu Bawumia for predicting the collapse of eight banks while in opposition in 2016.<\/p>\n<p>The president sung his deputy\u2019s praise when he met a select group of journalists at the Flagstaff House on Friday December 13, 2019.<\/p>\n<p>The president was addressing a question pertaining to the collapse of some nine banks in a clean-up exercise of the banking sector by the current government when he singled out Dr Bawumia for seeing accurately into the future. <\/p>\n<p>The President, touching on the clean-up itself, said the decision was necessary for the survival of the banking sector, as most of the banks were under-capitalized, poorly managed and in financial distress. <\/p>\n<p>Adding that had the government not intervened, the financial sector would have collapsed with many more people losing their jobs than we currently have.<\/p>\n<p><strong>Background<\/strong><\/p>\n<p>A banking sector cleanup in 2017 and 2018 saw the collapse of nine banks and microfinance institutions.<\/p>\n<p>This includes 192 microfinance companies having their licenses revoked with another 155 insolvent microcredit companies that have ceased operations also suffering the same fate.<\/p>\n<p>The Central Bank in a press release also revoked the licences of 23\u00a0insolvent Savings and Loans companies.<\/p>\n<p>BoG explained that regarding the microfinance companies, it took the action pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).<\/p>\n<p>\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Akufo-Addo has hailed Vice President Mahamudu Bawumia for predicting the collapse of eight banks while in opposition in 2016. The president sung his deputy\u2019s praise when he met a select group of journalists at the Flagstaff House on Friday December 13, 2019. The president was addressing a question pertaining to the collapse of some [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":764763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-764762","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why Akufo-Addo describes his deputy as &#039;prophet&#039; - 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\/12\/14\/why-akufo-addo-describes-his-deputy-as-prophet\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Why Akufo-Addo describes his deputy as &#039;prophet&#039; - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"President Akufo-Addo has hailed Vice President Mahamudu Bawumia for predicting the collapse of eight banks while in opposition in 2016. 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