<\/p>\n
President Nana Addo Dankwa Akufo-Addo has reaffirmed that the 2017 banking sector clean-up exercise initiated by his administration was essential for safeguarding Ghana’s financial stability, dismissing claims of personal vendetta.<\/p>\n
In his final State of the Nation Address (SONA) delivered to Parliament on January 3, 2025, the President explained that the intervention addressed critical challenges undermining the sector’s stability.<\/p>\n
\u201cLet me at this juncture state unequivocally that the Banking Sector Clean-up undertaken by my administration was an act of necessity, not of vendetta. It was a bold and decisive intervention to safeguard the strength and integrity of Ghana\u2019s financial system,\u201d he said.<\/p>\n
President Akufo-Addo described the clean-up exercise as a response to widespread illegalities and irregularities within the banking sector, which he noted threatened its foundation and jeopardised the savings of millions of Ghanaians.<\/p>\n
\u201cThe illegalities and irregularities perpetuated by the affected banks and financial institutions are well-documented and indisputable.<\/p>\n
“These practices threatened the very foundation of our banking sector and jeopardized the hard-earned savings of millions of Ghanaians. Our actions ensured that not a single depositor lost their money\u2014an unprecedented achievement in financial crisis management,” he explained.<\/p>\n
The President underscored the long-term benefits of the reform, highlighting its role in fostering a more robust financial sector.<\/p>\n
\u201cToday, the results are there for all to see; a more robust, stable, and resilient banking sector capable of driving economic growth and supporting the aspirations of our people. It was a necessary decision to restore public confidence and secure the future of Ghana\u2019s financial sector,” he stated.<\/p>\n
The banking clean-up exercise undertaken by the Bank of Ghana and Securities and Exchange Commission involved the revocation of licenses for underperforming banks, mergers, and the closure of non-compliant institutions.<\/p>\n