Home   >   Business   >   Economy   >   201808
Collapsed Banks’ Bailout Cash Will Be Recovered - Ofori-Atta   
  << Prev  |  Next >>
Comments ( 3 )     Email    Print
Related Stories
Finance Minister, Ken Ofori-Atta has said government will ensure that persons responsible for the collapse of some local banks in the country are made to face the law.

He believes the collapse of these banks was not a failure on the part of the banks, but rather individuals who stole depositors’ funds for their personal use.

Speaking at press conference to inaugurate the Tax Dialogue Initiative yesterday, Mr Ofori-Atta maintained that those found culpable will be made to answer for their roles.

“I think as a nation we are really soft about enforcement of laws, and hopefully what we are going to do in the banking sector, everybody will begin to realise that those periods are gone, and if I am going to have to spend GH¢5.76 billion to bail out the banking system because I have to protect depositors, the question is not one of a banking failure.

“I need to be able to tell you that that managing director or that shareholder stole that money, and it has to be very upfront because that’s GH¢5 billion that I’m using as opposed to School Feeding, maternal issues; and the issue of sentiments are out of it.

“It is not a bank failure. It is individuals who have done something to bring us to this compromising position, and I think it is that same sense of social justice that we should bring to bear in the tax administration system.”

The assurance follows concerns that the funds, over GH¢8 billion, used in assisting the troubled banks may not be recovered.

Government is said to have issued about GH¢2.2 billion bond to support GCB as a result of the acquisition of the good assets of UT and Capital banks.

The country has also issued over GH¢5.76 billion to support the operations of Consolidated Bank, the financial institution that took the good assets of the five collapsed banks.

The Minister noted that, “If I have to spend about GH¢5.76 billion to bail out the banking system, because I have to protect depositors, the question is not bank failure, but I should be able to tell you that the money was stolen by a director or shareholder, and it has to be proven very upfront.”

Ofori-Atta said the Tax Dialogue Initiative has been necessitated by the never-ending tax administration issues between the Ghana Revenue Authority (GRA) and the taxpaying public.

“The ministry believes that building a cordial relationship between GRA and key taxpayers, consultants and advisors will help enhance tax administration in the country,” Mr Ofori-Atta noted.
Source: The Finder

Comments ( 3 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.