President Akufo-Addo has firmly supported the banking sector clean-up.
Mr. Akufo-Addo opposed the assertions that the banking sector clean-up was politically motivated.
The President, delivering his final state of the nation address on January 3, 2025, described the clean-up exercise as an act of necessity and not vendetta.
He said the exercise was to help strengthen the banking sector and the financial systems.
He stated that there were illegalities that were perpetuated by the actors in the sector, and it was prudent to take decisive action in protecting the economy.
“Let me state unequivocally that the banking sector cleanup undertaking by my administration was abandoned out of necessity and not vendetta. It was a bold and decisive intervention to safeguard the strength and integrity of Ghana’s financial system.
The illegalities and irregularities perpetuated by the affected banks and financial institutions are well documented and indisputable. These practices threatened the very foundation of our banking sector. It jeopardises the hard-earned savings of millions of Ghanaians. Our actions ensured that not a single deposit lost their money. An unprecedented achievement with financial crisis management. Today, the results are there for all to see. A more robust and resilient banking sector capable of driving economic growth in supporting the aspirations of our people. It was a decisive decision to restore public confidence and secure the future of Ghana’s financial sector.”
By: Rainbowradioinline.com/Ghana
