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About 420 financial institutions in the country have been closed down in the last 24 months due to their alleged insolvency.
According to the President, the banking scandal would not have deteriorated to this point had the Central Bank acted swiftly and responsibly.
He made the statement during his second meeting with members of the Council of State.
READ ALSO: Closure of financial institutions chaotic and national security threatening - Mahama
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“This famous banking scandal, which has engulfed all of us, if the Bank of Ghana had acted responsibly and dealt with some of these issues like it should have been done, we would have never gotten to the situation. It was lax,”Nana Addo said.
President Akufo-Addo also lamented the GH¢13 billion public funds spent to support the banking industry.
“…Finding GH¢13 billion to support my budget is a major problem to me, yet this is the amount of money… So when we are talking about these matters, I don’t think we should just focus on the citizens.
“Yes, there’s the need for discipline amongst all of us but I think that the focus on what the public institutions need to do is very important,” the President added.
The Central Bank last Friday, August 16 revoked the licences of some 23 Savings and Loans companies in the country.
Among the affected financial institutions are GN Savings and Loans, First Allied Savings and Loans, Global Access Savings and Loans and Midland Savings and Loans.
READ ALSO: Good Samaritan donates computers to Volta region’s community where women don’t give birth The revocation of the licences of the 23 Savings and Loans companies adds to woes of the financial sector in recent years.
The last two and half years have seen several banks, investment companies and microfinance companies closed down.