Governor of the Bank of Ghana, Dr. Ernest Addison has detailed how owners of collapsed banks were running their banks badly.
Dr. Ernest Addison revealed most of the collapsed bank’s licenses were revoked because they were taking people’s money and investing it in their own businesses.
He noted that the Bank of Ghana got an international award for the 2017 banking sector cleanup, I think we should value that.
Speaking to JOY News, Dr. Addison detailed, “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”.
“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”, he reiterated.
Dr. Ernest Addison further revealed owners of collapsed banks will not have their licenses reinstated whilst he is still the Bank of Ghana governor.
“It is important for people to understand, that the banking license is a different kind of instrument, not whiles 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”, he stated emphatically.
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
