Governor of the Bank of Ghana, Dr. Ernest Addison has revealed the Bank of Ghana got an international award for banking sector cleanup.
Dr. Ernest Addison noted that the banking sector cleanup must be valued by Ghanaians.
According to Dr. Ernest Addison, most of the collapsed banks’ licenses were revoked people, they were taking people’s money and investing them in their own businesses.
Speaking to JOY News, Dr. Addison detailed, “It is important for people to understand, that the banking license is a different kind of instrument, not while I am here, Bank of Ghana got an international award for a very effective cleanup of our banking system, and I think we should value that”.
“It is because they were badly run, these are shareholders who were taking people’s money and using it to run their own businesses that are not banking, you don’t do banking by going to taking Kofi, Ama. And Kwasi money and use it those resources to finance your own business, that was what most of them were doing”, he added.
Dr. Ernest Addison further reiterated, “When I gave you a bank license, I am giving you a license to take people’s money, the money is not yours. You are taking money from the public and there are rules associated with that, we found people were using the money as if it was their private money, funding their own businesses which were not liquid enough when the depositors needed their funds”.
Watch the video below:
“Owners of collapsed banks will not have their licenses reinstated whilst I’m here. The Bank of Ghana got an international award for the 2017 banking sector cleanup, I think we should value that”- Governor of The Bank of Ghana, Dr. Ernest Addison. pic.twitter.com/ft9rje97NE
— SIKAOFFICIAL🦍 (@SIKAOFFICIAL1) January 4, 2025
