Government introduced measures to rescue the financial system - Ken Ofori-Atta

By Robert Anane, GNA

Accra, Nov. 15, GNA - The NPP Government had to introduce immediate measures to rescue a financial system on the verge of collapse.

"The new leadership of the Bank of Ghana, therefore, moved decisively to restore soundness and stability to the financial system because for banks, savings and loans and micro finance companies, 4.6 million depositors were at risk of losing their entire savings."

Mr Ken Ofori-Atta, Minister of Finance, said this when he presented the 2020 Budget Statement on Wednesday.

He said the Bank of Ghana thus undertook a number of reforms, including increases in minimum capital requirement, and revocation of the licenses of insolvent banks, which resulted in the consolidation of banks from 34 to 23, by the end of December 2018.

"Consequently, we now have a banking sector that is well capitalised, liquid and well positioned to improve the flow of funds in the economy, and to drive private sector led growth and development," the Minister said.

GNA

Read Full Story