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20.08.2019 Business & Finance

Banking Sector Poised For Huge Growth After Clean-Up--BoG

By News Desk
Banking Sector Poised For Huge Growth After Clean-Up--BoG
LISTEN AUG 20, 2019

Head of Communications at the Bank of Ghana(BoG), Madam Esi Hammond has said her outfit has completed the clean-up of the banking sector.

The banking sector reform embarked upon by the Central Bank has since last year put banks in better shape than they were two years ago.

“Today, we can say with confidence that our banks are in much better shape than they were yesterday (two or three years ago). They are better capitalized with more robust governance structures, portfolios much safer for depositors, broad liquid, ” Esi Hammond exclusively told Kwame Tutu on Anopa Nkomo on Accra based Kingdom FM 107.7

A detailed statement was issued by the central bank announcing the revocation of licenses of 23 savings and loans company on Friday, 16/8/19.

According to the BoG, it has revoked the licenses of 9 universal banks, 347 microfinance companies, 39 microcredit companies, 15 savings and loans companies, eight finance house companies, and two non-bank institutions.

Madam Esi Hammond said the government was mindful of the concerns that depositors went through last year as the Central Bank embarked on the radical clean-up of the banking sector.

She said upon assuming office, President Nana Addo Dankwa Akufo-Addo decided that he was going to confront the harsh truth of the situation of distressed banks.

She said the livelihoods of millions of depositors were at stake as the banking sector of the economy headed for imminent collapse.

“We could not do what others did by pretending that all is well. We could not stand by and watch a few people enrich themselves at the expense of over 15 million hardworking Ghanaian depositors who had saved for a rainy day. So we tackled it’, she told Kwame Tutu.

Esi Hammond said one could easily be misled that Ghana was worst off today than it was two or three years ago when one listens to some commentators in the media.