President Nana Addo Dankwa Akuffo-Addo has said that he has cleaned the mess made by former President John Dramani Mahama.
According to Akufo-Addo, his government has been able to reduce inflation to 7.9 per cent from the 15 per cent he inherited from the Mahama administration in 2017.
He stated that, “many of our banks were in distress and have been kept on unsustainable and artificial life support by the central bank”.
Justifying the banking and financial sector clean-up exercise after swearing in the new board of directors of the Bank of Ghana at the Jubilee House on Friday, 20 August 2021, the president remarked: “Probably the most difficult problem my government met when coming into office, was the state of the banking and financial sector”.
“The supervisory agencies, were, unfortunately, not performing their duties which allowed weak governance and management structures of many banks, to fester”, he observed.
“The Bank of Ghana, under a new leadership, intervened and restored sanity to the sector and in the process, saved the banks involved and the funds of some 4.6 million depositors”, President Akufo-Addo said.
Also, he said the government found some GHS21 billion to fund the clean-up exercise, “which has enabled a more robust financial and banking services sector to emerge the better to finance the rapid development of our nation”.
We had to introduce, immediately, reforms and corrective measures to address the imbalances and restore stability”, the president said.
Source: MyNewsGh.com/Michael Agyapong Agyapa