Pulse.com.gh logo
Go


Banking Crisis Collapsed banks cost taxpayers GHC12.7 billion- Akufo-Addo

On August 1, 2018, the Bank of Ghana revoked the licenses of 5 struggling banks and merged them into one and named it Consolidated Bank Ghana limited.

  • Published: , Refreshed:

The collapsed of seven local banks has cost taxpayers GHC12.7 billion, President Nana Akufo-Addo says, hailing the Bank of Ghana's interventions to protect depositors funds.

Speaking at the 80th anniversary durbar of the Presbyterian Boys' Senior Secondary School, Legon, he also revealed that the Finance Ministry has had to issue bonds to the tune of some GHS8 billion in favour of GCB Bank and the new Consolidate Bank Ghana Limited.

READ MORE: Persons behind collapsed banks will face the law- Akufo-Addo

In 2017, two banks- UT Bank and Capital Bank, were liquidated by the Bank of Ghana and put under GCB management.

On August 1, 2018, the Bank of Ghana revoked the licenses of 5 struggling banks and merged them into one and named it Consolidated Bank Ghana limited.

“To protect the deposits of the seven defunct banks, the government, through the Ministry of Finance has had to issue bonds to the tune of some GHS8 billion in favour of GCB Bank and the new Consolidate Bank Ghana Limited – the banks that have taken over the operations of the seven failed banks,'" said president Akufo-Addo.

“This is in addition to liquidity support of some GHS4.7 billion that had been provided by the Bank of Ghana to these banks over a period before their closure."

READ MORE: Stop misleading Ghanaians; $2bn bauxite deal is a loan – Minority

“In fact, GHS12.7 billion of public funds has been injected into these seven banks following their malfunction. Depositors’ savings, however, have been safeguarded; job losses have been minimised and a strong set of indigenous banks, is being born”, the president asserted.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Illegal Operations Menzgold extends suspension of gold vault market servicesbullet
2 Illegal Operations Menzgold customer threatens to sue over principal...bullet
3 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
4 Ponzi schemes in Ghana These investments are Ponzi schemes in...bullet
5 Kotoka International Airport GACL to move all domestic airlines...bullet
6 How to create a verified PayPal account Learn how to create a...bullet
7 Ghana-Chinese Relations 6 reasons why the StarTimes deal is...bullet
8 Retrenchment ATL sacks 200 workers, rest of staff not paid...bullet
9 Economy of Ghana Vice President Bawumia says Ghana's...bullet
10 Salaries In 2018 Here are the dates public workers...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Former Capital Bank staff grills pork for survivalbullet
4 Support Finance minister buys Kantanka carbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 New Discovery Ghana discovers new mineral, lithium in...bullet
7 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
8 Selorm Adadevoh MTN CEO dances Agbadzabullet
9 Plane Crash Starbow suspends operations following plane...bullet
10 Bozoma Saint John 10 quotes from Uber top official,...bullet

Business

X
Advertisement