ADVERTISEMENT
My biggest nightmare yet is sanctioning Capital/UT Banks – Ofori-Atta
Finance Minister, Ken Ofori Atta said the decision to allow GCB Bank takeover UT and Capital Banks was a tough one because both institutions were indigenous banks.
He told Accra-based Joy FM that the decision was a tough one because both institutions were indigenous banks.
“It was difficult [for me] because these are also indigenous firms with entrepreneurs who take risks.”
READ ALSO: Gov’t to pay $279m or risk judgment debt
ADVERTISEMENT
He said he, however, had to act in the interest of the state and save the investments of “about some 300,000 or so depositors.”
“That really for me is what the Ministry should exemplify. Looking at the big issues; what is good for Ghana and then we’ll solve the little personal things that may come up.”
In August 2017, the Bank of Ghana (BoG) revoked the license of Capital and UT Banks.
The two defunct banks were taken over by GCB Bank.
ADVERTISEMENT
According to the Central Bank, it “revoked the licences of UT Bank Ltd and Capital Bank because of the “severe impairment of their capital.”
Many attributed this to the less favourable economy in Ghana.
But Ofori Atta said the Nana Addo-led government is committed to improving the economy so that managers of financial institutions will be provided with the needed capacity to avoid things “like the DKMs to rear their head again.”
“That truly, if there had been a little bit of ‘laissez faire’ attitude in the banking sector let’s come back together and make it stronger,” the Finance Minister advised.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
Parents will soon beg for their children to enrol in public basic schools -Dr Osei- Adutwum
Government rebrands public basic schools, set to change brown and yellow uniforms
I won’t apologize for ECG Manager's arrest – Ashanti Regional Minister
Trailblazing Prof. Jane Agyemang: The political powerhouse shaking up the NDC!
John Mahama can’t succeed me as President because I defeated him twice – Akufo-Addo
President Biden signs law to potentially ban TikTok if not sold
I won’t be a driver’s mate to John Mahama – Prof. Naana Opoku-Agyeman
‘Dumsor’ challenges will end in a few days – ECG Board Chairman assures Ghanaians