• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Individual failures, not banking failures led to collapse of banks- Finance Minister

16/08/2018
Reading Time: 2 mins read
Mr. Ken Ofori-Atta, Minister of Finance

Mr. Ken Ofori-Atta, Minister of Finance

0
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

The Finance Minister says the chaotic situation in the financial sector is not one of banking failure but rather individual failures.

Ken Ofori Atta whose ministry is coughing out ¢5.8 billion to rescue the insolvent banks says it is time for “social justice.”

According to him, the amount being used to save the banking sector could easily have gone into direct government policies like maternal health care or free SHS which would have been of direct benefit to the populace.

At least seven banks -Capital Bank, UT Bank, Sovereign Bank, Construction Bank, uniBank, Beige Bank and The Royal Bank- have gone under in the last 12 months with their directors becoming subjects of criminal investigations.

Capital and UT Banks were the first to go under in August 2017 and their assets taken over by GCB. After 12 months, five more banks were also liquidated and merged into the Consolidated Ghana Bank.

Some of the managers were deemed to have engaged in acts of criminality with a good number of them found guilty for poor corporate governance practices.

Dozens of workers have lost their jobs, some their lives, with many others struggling to make ends meet, 12 months on.

There have been calls for the directors to be prosecuted to act as a deterrent to others, an assertion the Finance Minister agrees to.

He said tough decisions must be taken without issues of sentimentality.

“If I am going to have to spend 5.6 billion to bail out the banking system because I have to protect depositors, the question is not one of banking failure I need to be able to tell you that that managing director or that shareholder stole that money and it has to be very upfront because that is 5 billion that I am using as opposed to in SHS, school feeding or maternal pregnancy.

“The issue of sentiments is out of. It is not the issue of bank failure. It is the issue of individuals who have done something to bring us to this rather compromising position,” he said.

www.myjoyonline.com

Previous Post

Meet The Social Entrepreneur Behind Africa’s “Uber For The Farm”

Next Post

Over 370,000 families could be affected by uniBank collapse

Related Posts

MostBet Registration Bangladesh

29/12/2023

28/12/2023

Праздничные подарки от 1 win насладитесь Новым Годом с дополнительными выгодами!

22/12/2023

How does the sizing of sp5der clothing run

22/12/2023

Azərbaycanda rəsmi sayt

20/12/2023

Mostbet Casino Azərbaycan üçün imkanlarını təqdim edir

20/12/2023
Next Post
Unibank liquidation

Over 370,000 families could be affected by uniBank collapse

Dr. Papa Kwesi Nduom

Nduom blames botched merger on breach of confidentiality

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2023 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2023 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In