News:
January 3, 2025
The President, Nana Akufo-Addo has debunked the notion that the banking sector cleanup was ill-motivated for selfish gains.
Touching on the sector during his last State of the Nation address, he said the Banking Sector Cleanup undertaken by his administration was an act of necessity, not of vendetta.
“It was a bold and decisive intervention to safeguard the strength and integrity of Ghana’s financial system. The illegalities and irregularities perpetuated by the affected banks and financial institutions are well documented and indisputable. These practices threatened the very foundation of our banking sector and jeopardised the hard-earned savings of millions of Ghanaians.
Our actions ensured that not a single depositor lost their money—an unprecedented achievement in financial crisis management. Today, 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’s financial sector.”
He also announced that the government will today, 3rd January 2025, honour coupon payments to Eurobond holders amounting to three hundred and forty-six million US dollars ($346 million).
Ghanamps.com.