In the past two years, the Bank of Ghana’s reforms has led to the collapsed of nine local banks, 347 microfinance institutions, and some 23 finance houses.
On 1 August 2018, the Bank of Ghana announced the consolidation of the failed local banks, which included the Royal Bank, Beige Bank, Construction Bank, Sovereign Bank and uniBank. Later on, HBL and Premium Bank were added to the first five.
The collapse of the nine local banks birthed the state-owned Consolidated Bank Ghana (CBG) Limited.
Reacting to the above in an interview MyNewsGh.com monitored, financial analyst, Dr. Amoh Baffour, has decried the inability of the Akufo-Addo administration to pay customers of the defunct microfinance and savings and loans companies.
The lecturer with the Business Administration Department of the Pentecost University, Dr. Amoh Baffour said he was surprised the ruling New Patriotic Party (NPP) administration had failed to pay depositors of the banks that the government collapse during its banking sector clean-up.
“I’m surprised the New Patriotic Party has failed to pay the depositors of the banks they collapsed and this has exposed their inability to save the economy”, he told Starr FM.
Following demonstrations upon demonstrations for their monies; curses, assurances have been given by the government to refund the deposits amidst modalities, but till date tens of thousands have virtually been disappointed even after President Akufo Addo’s assurances in December last year which was firmed up during the Stateo of the nation address that all monies will be paid.