Dr. Ernest Addison, the Governor of the Bank of Ghana, has asked the government to take action against shareholders of banks and financial organisations involved in the financial sector cleanup.
According to Dr. Addison, there is a need for accountability, hence these people should be held accountable for their conduct and inaction. The Governor voiced alarm over the government’s delayed response to this situation, urging for more immediate and firm action.
During a joint news conference with the Ministry of Finance and the International Monetary Fund (IMF) on Monday, July 1, Dr. Addison stated that all those who are still retaining cash intended for the exercise must be pursued.
“It is taking a really long time to really bring all of these matters to a close. However, it is important that the state needs to persevere and pursue these shareholders who have misappropriated depositors’ funds.
“The large amounts of monies that we claim were used to clean up the financial sector, some of these monies are being held in assets by the shareholders and I think that the law needs to be allowed to do its work.”
The Bank of Ghana embarked on a banking sector clean up, recapitalization, and other regulatory reforms from mid-2017 to end-December 2018 in line with its mandate to promote the safety, soundness, and stability of the financial system to support economic growth.
