The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has called on the government to take legal action against shareholders of banks and financial institutions implicated in the recent financial sector clean-up.
At a joint press conference held with the Ministry of Finance and the International Monetary Fund (IMF) on Monday, July 1, Dr. Addison emphasized the importance of holding individuals accountable for their roles in mismanagement and misconduct.
Expressing concern over the government’s slow response to these issues, Dr. Addison urged for more prompt and decisive measures to address the financial irregularities.
He stressed the need to recover funds that were misappropriated or mishandled during the clean-up exercise, highlighting the critical nature of ensuring justice and legal consequences for those responsible.
“It is taking a really long time to bring all of these matters to a close. However, it is important that the state needs to persevere and pursue these shareholders who have misappropriated depositors’ funds,” Dr. Addison stated.
He further pointed out that significant amounts of money claimed to have been used for the financial sector clean-up are currently held in assets by shareholders, and he called for the law to take its course in these matters.
From mid-2017 to the end of December 2018, the Bank of Ghana undertook a comprehensive banking sector clean-up, including recapitalization and various regulatory reforms.
These efforts aimed to enhance the safety, soundness, and stability of the financial system, thereby supporting economic growth.