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Finance Minister justifies collapse of Ghanaian banks

Finance Minister, Ken Ofori-Atta, has said that the banking sector clean-up undertaken by the government will contribute immensely to the strengthening of the Ghanaian economy.

Presenting the 2020 Mid-Year Budget Review to Parliament today, Thursday, July 23, 2020, Mr. Ofori-Atta noted that the timely intervention of the current administration resulted in the saving of locked-up funds in failed banks.

This, he noted, was a sobering but necessary action that in total is costing the State in excess of GH¢21 billion of taxpayers’ funds.

According to him, in as much as the New Patriotic Party government was desperate to fix a broken economy, they had no thoughts to conspire with the Central Bank to deliberately cause the downfall of Ghanaian banks.

“Let it be said that a serious government, as we are, desperate as we were to fix a broken economy as it was and fund our own program, as promised, and as patriotic as we are, had absolutely no thoughts, no time, no energy or the luxury to conspire with the Central Bank to deliberately cause the downfall of Ghanaian banks that were already
in a zombie state, fatally insolvent, by the time we took office,” he said.

Setting the records straight, the Finance Minister said the President’s move was to save the funds of all depositors of failed banks.

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