President Nana Akufo-Addo has defended the banking sector cleanup exercise undertaken by his administration in 2017, stating that it was a necessary decision to safeguard Ghana’s financial stability.
The exercise, which cost over GH¢20 billion, aimed to resolve insolvent financial institutions that posed risks to depositors’ interests.
Speaking during his final State of the Nation Address (SONA) to Parliament on January 3, 2025, Akufo-Addo emphasized that the cleanup was not an act of personal vendetta, but rather a bold and decisive intervention to protect the country’s financial system.
He highlighted the illegalities and irregularities perpetuated by the affected banks and financial institutions, which threatened the foundation of the banking sector and jeopardized the savings of millions of Ghanaians.
The president noted that the cleanup ensured that not a single depositor lost their money, describing it as an “unprecedented achievement in financial crisis management.”
He added that the results of the exercise are evident in the more robust, stable, and resilient banking sector that exists today, capable of driving economic growth and supporting the aspirations of the Ghanaian people.
He said, “Let me at this juncture state unequivocally that the Banking Sector Clean up undertaken by my administration was an act of necessity, not of vendetta. It was a bold and decisive intervention to safeguard the strength and integrity of Ghana’s financial system. The illegalities and irregularities perpetuated by the affected banks and financial institutions are well
documented and indisputable. These practices threatened the very foundation of our banking sector and jeopardised the hard-earned savings of millions of Ghanaians. Our actions ensured that not a single depositor lost their money—an unprecedented achievement in financial crisis management.”
“Today, the results are there for all to see: a more robust, 11 stable and resilient banking sector capable of driving economic growth and supporting the aspirations of our people. It was a necessary decision to restore public confidence and secure the future of Ghana’s financial sector.”
