The President of the Republic, Nana Addo Dankwa Akufo-Addo, has assured the Ghanaian people that “those responsible for the sequence of activities that led to the ‘banking crisis’ will face the full brunt of the law if they are found to have broken the law”.
According to President Akufo-Addo, “It is not right that the overwhelming majority of ordinary Ghanaians should pay for the actions of a greedy few, without sanction.”
President Akufo-Addo made this known on Saturday, 15th September, 2018, when he delivered a speech at the 80th Anniversary of the Presbyterian Boys’ Senior High School, Legon.
The President stated that “the so-called ‘banking crisis’”, and the collapse and subsequent consolidation of some indigenous banks have been caused by the cutting of corners, circumvention of the laws, flouting and non-adherence to regulations, apparently with the complicity of senior officials of the Bank of Ghana.
The inefficient and poorly managed banks, as a result, required the robust intervention of the regulatory bodies to prevent the infection of the banking sector with these acts.
As a result, under the rigorous leadership of the current Governor of the Bank of Ghana, Dr. Ernest Addison, the President indicated that a number of prudent measures have been taken to save and sanitise the banking sector.
“To protect the deposits of the seven defunct banks, the Government, through the Ministry of Finance, has had to issue bonds to the tune of some GH¢8 billion in favour of GCB Bank and the new Consolidated Bank, the banks that took over the operations of the seven failed banks,” he said.
The President continued, “This is in addition to liquidity support of some GH¢4.7 billion that had been provided by the Bank of Ghana to these banks over a period before their closure. In effect, GH¢12.7 billion of public funds has been injected into these seven banks, following their malfunction.”
Depositors’ savings, he said, have been safeguarded, job losses have been minimised, and a strong set of indigenous banks is being born.
President Akufo-Addo reiterated his commitment to having two performing indigenous banks in the country than to have seven weak ones, as recent examples of Nigeria, Malaysia and others have shown.
“I have no doubt that, if these measures had not been taken, the banking system would have been seriously compromised, with dire consequences for depositors and their savings. We need urgently a vibrant banking sector that can help mobilise resources to finance our industrial, agricultural and economic transformation,” he added.
This, President Akufo-Addo stressed, is the justification for the measures of the Bank of Ghana.
Powerful Past, Prosperous Present, Prominent Future
President Akufo-Addo, who was speaking on theme of the Anniversary celebration “Powerful Past, Prosperous Present, Prominent Future”, stated that alumni (ƆdadeƐs) of PRESEC, many of whom can be described as Ghana’s “Powerful Past” and “Prosperous Present” of our country, have obtained this status and renown because they had access to education.
Future ƆdadeƐs, he added, who wish to become our nation’s “Prominent Future”, can only become so, if they receive an education.
He indicated that a survey of Ghana’s immediate past reveals that between 2013 and 2016, an average, one hundred thousand (100,000) children, every year, who passed the B.E.C.E., could not take up their places in Senior High, because they could not afford the fees, even though they had the qualifications.
If this situation had persisted for a decade, one million children would have dropped out of school at the level of Junior High School, an unacceptable outcome for any nation in the 21st century.
“It would have been too dangerous for Ghana’s stability, as we would have been building a future of hopelessness for our youth. Such a situation was intolerable, and my party and I were determined to end it. That is why the Free Senior High School policy was introduced,” he added.
The Free SHS policy, in 2017 and 2018, has resulted in 270,000 more students entering Senior High School.
Source: GNA
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Mr President are you a judge, prosecutor or a supreme court judge? The talk is too much. "Stop talking and look on the work you are doing and finish la"
when is the special prosecutor starting his work, we voted for change because of the serious corruption, please Mr President, action now, tied of the talking, you said there will be more prosecutions this year, nothing so far, please you are getting boring even-though you are working so hard for the Ghana, but these guys from ndc have big mouth, show then you the original Nana Show Boy
misinformation at its peak. Ghanaians will not tackle from the root cause, will hold it from the center assume what they like. get your fact straight and don't mix facts up. I know all Ghanaians
I can see you are not enlightened at all, you just hide behind the computer and spew rubbish. Get your facts right, you one of those people who have baseless arguements
@ Lion, no body has collapsed banks. It is the condoning and connivance of the previous government that has caused this. Anyone arguing that the present government caused this is not abreast with banking regulations. Do you want the many of customers who have invest heavily in the various banks to loose their monies all because of those greedy fews who have made huge sums of money at the expense of the customers and the state? You should rather point fingures at John Mahama's brother who took big loan from Unibank, inflitting it with huge unrecoverable liability. Where did you expect Unibank to get this money to pay its customers who invested in the bank. Please lets be circumspect and citizens of Ghana and not obsessed with party politics.
Please Nana your excellency we knew that but we need ACTION NOW this is the reason we voted for you
They have already broken the law,arrest them into guard room as investigation continues. All the managing directors, executives, boards chairmen of all the 7 collapse banks as well as of BOG.kwabena Duffour should be double punishment, All their properties should be taken from them to the states. Theifs of our Time pretending to be smarter and hard working.
No bank has collapsed, you are the only one closing down banks. You should be dealt with.