Finance Minister Ken Ofori-Ata said the Ghanaian government did not regret the collapse of several of the country’s financial institutions.
Following the steps of the Central Bank and the Securities and Exchange Commission (SEC), fifty-three (53) fund management companies and more than twenty banks and savings and loan companies have their financial management licenses revoked from their unfair treatment of clients.
Banks such as Unibank, GN Bank, Heritage Bank, Sovereign Bank Limited and Capital Bank, among others, were taken over by the central bank.
Five bankrupt banks, namely Royal Bank, Beige Bank, Sovereign Bank Limited, Construction Bank, and Unibank, were included in the Ghana state consolidated bank.
In an interview with the host Kuame Sefa Kayi about “Kokrokoo” on Peace FM monitored by straightnewsonline Hon. Ofori-Atta, Minister of Finance did not apologize to the collapsed banks.
According to him, he believes in banking reform by the Central Bank, which led to the revocation of banking licenses.
Responding to allegations that the government made a mistake to collapse banks, the finance minister said he did not expect all members of political parties or opposition in Ghana to like him or the government for doing the right thing.
He truly stated that there must be sacrifices to do the right thing; Therefore, the financial authority must make a firm call to save the financial sector to achieve a stable economy.
“It is possible that you have done something far better than everything for yourself, but to be honest, rarely, without reason. The situation we encountered was before the Bank of Ghana and the Ministry of Finance in Checking asset quality, it is clear that the bank These banks will collapse. The collapse was necessary to save 4.6 million depositors from losing their deposits. So people who don’t even know the problem will say things against us … “” He says.
“For example, if you go to war, some soldiers will die for 30 million people. After all, there will be casualties and then there will be burden-sharing.