NANA ADDO BLAMES BoG FOR ACTING 'IRRESPONSIBLY' OVER BANKING SITUATIONS IN GHANA

Nana Addo-Dankwah Akufo-Addo has described Bank of Ghana's (BoG) past dealings in situations relating to the country's economy as ‘irresponsible’.

420 financial institutions in Ghana have been closed down by the Bank of Ghana (BoG) in the last 24 months due to their alleged bankruptcy

“This famous banking scandal, which has engulfed all of us, if the Bank of Ghana had acted responsibly and dealt with some of these issues like it should have been done, we would have never gotten to the situation. It was lax,”Nana Addo said.

Bank of Ghana revoked the licenses of 23 Savings and Loans companies in the country on Friday, 16 August 2019. Among them are the GN Savings and Loans, First Allied Savings and Loans, Global Access Savings and Loans and Midland Savings and Loans. This has brought about mistrust in the banking sectors dealings by Ghanaians.

The president has criticized BoG over its snail pace decision taking on matters concerning the country’s monetary issues which has led to catastrophe in Ghana’s banking sector. Nana Addo in a second meeting with the Council of State revealed that humiliation in the banking sector should not have gotten to a higher extent if the Central Bank had acted swiftly and taken the necessary steps quickly in dissolving certain cases.

He grieved on the ¢ 13 billion public funds spent to support the banking industry and called for discipline.

“…Finding GH¢13 billion to support my budget is a major problem to me, yet this is the amount of money… So when we are talking about these matters, I don’t think we should just focus on the citizens.

“Yes, there’s the need for discipline amongst all of us but I think that the focus on what the public institutions need to do is very important,” the President added.