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Government to use GHs21 Billion to restore sanity in the financial and banking sector

President Nana Akufo Addo in his State of the Nation Address on January 5, 2021, Tuesday, revealed that the banking sector is in distress, a situation that is a threat to the economy of the nation.

He revealed that the banking sector was one of the biggest economic challenges he inherited and as such, he will see to it that measures are undertaken to resolve them.

“Perhaps the biggest challenge my government inherited was the state of the banking sector. Many of our banks were in distress”, he said.

This, he indicated, was due to the failure of the regulatory institutions to perform their duties well.

“The supervisory agencies were unfortunately not performing their duties. Many of our finance houses were running what can be called the Glorified Ponzi scheme.”

However, radical measures will be taken to restore the sector, hence, the cleanup exercise.

According to President Akuffo Addo, GHs 21 Billion will be used to restore sanity to the financial and banking sector.

The approach towards the cleanup exercise was criticized by a section of the Ghanaian public, but the last Finance Minister, Ken Ofori Atta, defended the approach adopted towards the cleanup exercise.

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