The Governor of the Bank of Ghana, Dr. Ernest Addison, has urged the government to pursue legal action against shareholders of banks and financial institutions implicated in the financial sector clean-up. 

Emphasising the importance of accountability, Dr. Addison stressed that individuals responsible for mismanagement or misconduct should be held accountable for their actions and inactions. 

He expressed concern over what he perceived as the government's sluggish approach in addressing these issues, urging for more prompt and decisive action.

Speaking at a joint press conference with the Ministry of Finance and the International Monetary Fund (IMF) on Monday, July 1, Dr. Addison highlighted the need to recover funds that were misappropriated or mishandled during the clean-up exercise. 

He underscored the importance of ensuring that justice is served and that those responsible for financial irregularities face legal consequences.

“It is taking a really long time to bring all of these matters to a close. However, it is important that the state needs to persevere and pursue these shareholders who have misappropriated depositors’ funds."

“The large amounts of monies that we claim were used to clean up the financial sector, some of these monies are being held in assets by the shareholders and I think that the law needs to be allowed to do its work," he said.

From mid-2017 to the end of December 2018, the Bank of Ghana undertook a banking sector clean-up, recapitalisation, and various regulatory reforms as part of its mandate to enhance the safety, soundness, and stability of the financial system, thereby supporting economic growth.