Collapsed Banks: Wrongdoers will face the law – Govt

Lorlornyofm
By Lorlornyofm August 15, 2018 23:16

Collapsed Banks: Wrongdoers will face the law – Govt

Government has assured stakeholders that it is committed to streamline the financial sector and persons found culpable of criminal acts would be punished.

“The government has been willing to provide temporary relief to protect particularly depositors where necessary and at the same time to use the legal means at its disposal to retrieve, and where necessary, punish wrongdoers,” Minister of Information Kojo Oppong Nkrumah, said at a press conference on Wednesday 15 August 2018.

He was responding to developments in the financial sector over the past weeks.

The Consolidated Bank Ghana (CBG) Limited was recently formed by the Bank of Ghana (BoG) when it fused together five struggling local banks, including The Beige Bank, Sovereign Bank, The Royal Bank, uniBank and The Construction Bank.

In 2017, UT Bank and Capital Banks also collapsed and the GCB Bank assumed the assets of the two banks.

According to Mr Nkrumah “the government of Ghana under the leadership of President Akufo-Addo reiterates to all stakeholders, its firm commitment to dealing with the challenges it inherited in Ghana’s financial services sector decisively and within the shortest possible time.”

He said between 2013 and 2016, several activities occurred which could have collapsed the financial sector and government is addressing the challenges after developing a roadmap which includes new corporate governance reforms and the new minimum capital requirement of GHS400 million.

He said government and the regulatory authorities have commenced several actions to clean up the inherited challenges, introduce mechanisms that should forestall repetition of such challenges in the future, hold accountable persons involved in unethical and sometimes criminal conduct within the sector and strengthen the financial services to improve confidence in the sector.

He assured shareholders, depositors, the general public and all other economic actors that authorities are doing all within their power “to ensure full, firm and final resolution of the challenges that has bedevilled the sector”.

Source: Ghana/ClassFMonline.com/91.3FM

Lorlornyofm
By Lorlornyofm August 15, 2018 23:16
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