President John Dramani Mahama has revealed that Finance Minister Dr Cassiel Ato Forson has commissioned a formal inquiry into the collapse of several indigenous banks and financial institutions in Ghana during the previous administration.

The investigation forms part of the administration’s wider drive to bolster transparency and rebuild confidence in the nation’s banking sector.

Addressing the nation on Wednesday, 7th May, to mark the completion of his first 120 days in office, Mr Mahama underscored his government’s resolve to uphold accountability within the financial system.

He made it clear that those deemed responsible for the failures under the previous administration would face consequences.

“The Minister of Finance, Dr Ato Forson, has launched an inquiry into the collapse of indigenous banks and financial institutions. Make no mistakes, facts will be unearthed, culprits will be punished, and lessons will be learnt,” the President declared.

By vowing to sanction wrongdoers, Mr Mahama intends to send a strong signal to stakeholders that mismanagement and malpractice will not go unpunished, thereby creating a deterrent against future misconduct.