Finance Minister-designate Ken Ofori-Atta has intimated that the banking sector cleanup saved about 4.5 million customers of affected institutions from losing their deposits.
He, however, revealed that a total of GH₵ 21billion was spent on the exercise that, he says, strengthened the banking sector.
"We think we have done the best that the country deserves and the results show that. We have a much stronger banking sector now than we had in 2017," he said.
He made this comment Thursday, during his vetting in Parliament.
The banking sector cleanup according to government was introduced to check mismanagement at the affected financial institutions.
The move led to depositors’ funds being locked up.
The Consolidated Bank Ghana (CBG) which is a merger of the collapsed banks was subsequently established.
Giving a breakdown of the said amount, Mr Ofori-Atta in an earlier interview stated that a total of GH¢13.6 billion (3.5percent of GDP) has been spent on the resolution of failed banks, Specialised Deposit-taking Institutions (SDIs), Micro Finance Institutions (MFIs), the establishment of the Consolidated Bank Ghana Limited (CBG), as well as the capitalisation of the Ghana Amalgamated Trust (GAT)".
Latest Stories
-
Bahamas World Relays: Ghana paired with world and Olympic champions in Heat 1
3 hours -
Bahamas 2024 Relays: Star-studded cast ready to put on pre-Paris show
4 hours -
Bahamas Relays preview: clash of global title-winning teams in men’s 4x100m
4 hours -
Arsenal keeper Raya wins Premier League Golden Glove
4 hours -
Iñaki Williams scores twice in Athletic Bilbao’s win over Getafe
4 hours -
Argument with Salah ‘completely resolved’ – Klopp
5 hours -
Reus to leave Dortmund at the end of the season
5 hours -
Uefa confirms 26-man squads for Euro 2024
5 hours -
Teacher Unions press home demands for the new allowances
5 hours -
Media’s failure to hold government accountable for ‘galamsey’ alarming – Mahama
5 hours -
Keta Presbytery urges Akufo-Addo to assent to anti-LGBTQ+ Bill
5 hours -
Ghanaian midfielder Lawrence Ofori nets maiden goal of the season with stunner against Vizela
5 hours -
Community fearful after off-duty policemen shot dead at East Trasacco
5 hours -
Dext Technology partners KNUST to train basic school teachers on STEM
6 hours -
My efforts led to remarkable transformation in Appiatse – Lands Minister
6 hours