According to him, the state has had to spend over GH¢12 billion of public funds to rescue some 6,500 jobs as well as to protect funds of some 4.6 million depositors.

He emphasised that those responsible for this unfortunate happening ought to be punished.

President Akuffo Addo said this while addressing the 71st Annual New Year School and Conference themed “Attaining Ghana Beyond Aid: Prospects and Challenges” at the Great Hall, University of Ghana.

He said, “We have begun bringing those responsible for the banking crisis to justice. We have one case in Court and if prima facie evidence of criminality is found in the other ongoing investigations which according to my information is likely, then the perpetrators of these crises, that is, both the regulators and individuals will face justice soon.”

Kofi Amoabeng and Michael Nyinaku’s arrest

While addressing the New Year School, former CEO of defunct Beige Bank, Michael Nyinaku, and former CEO of defunct UT Bank, Prince Kofi Amoabeng were both arraigned on charges of Stealing and Money Laundering in relation to the banking crisis.

Both accused persons pleaded not guilty before Circuit Court Judge Emmanuel Essandoh. The hearing was adjourned to the 22nd of January 2020.

Meanwhile, Mr Amoabeng was admitted to bail in the sum of Gh¢110million with two sureties by the court.

Michael Nyinaku, on the other hand, was not granted bail but was remanded into police custody.