Caleb Qwofi Right
Dr. Ernest Addison, Governor of the Bank of Ghana, has categorically stated that banking licenses revoked during the 2017-2019 financial sector cleanup will not be reinstated under his leadership. This declaration was made in response to ongoing appeals from shareholders of the affected banks.
In a recent statement, Dr. Addison emphasized the rationale behind the revocation, noting, “When I give you a banking license, I am giving you permission to take people’s money, not to treat it as your private property.” He underscored that the decisions were made following detailed evaluations which uncovered serious mismanagement and the misuse of depositors’ funds.
The financial sector cleanup, which saw the revocation of several banking licenses, was part of a broader initiative to restore confidence in Ghana’s banking system. Dr. Addison pointed out that the reforms have led to a stabilization of the sector, as evidenced by recent data from Ghana’s Statistical Service.
The Governor warned that reversing these decisions would jeopardize the sector’s recovery and the integrity of the financial system. “As long as I remain Governor of BoG, none of those revoked banking licenses will be reinstated,” he affirmed, signaling a firm stance against any reconsideration of the past actions taken to safeguard the financial sector’s stability.
This announcement comes amid efforts by some former bank shareholders to negotiate reinstatement, highlighting the ongoing tension between regulatory oversight and private sector interests in Ghana’s banking landscape.
