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Having stabilized Ghana banking crisis, perpetrators’ll be jailed— President

As Ghana banking sector rebounds following the recent recapitalization drive on commercial and microfinance banks, President Nana Addo Dankwa Akufo-Addo has vowed that those found culpable for the crisis will soon face the full rigors of the law.

Opening the 71st Annual New Year School of the University of Ghana, Legion in Accra, he said “We have begun bringing those responsible for the banking crisis to justice.”

According to him, “We have one case in court, and if prima facie evidence of criminality is found in the other ongoing investigations, which, according to my information, is likely, then the perpetrators of the crises, both regulators and individuals, will face justice soon.”

Giving further insights at the three-day event put together by the School of Continuing and Distance Education of the university on the theme ‘Attaining Ghana Beyond Aid: Prospects and Challenges,’ President Akufo-Addo said “In as much as the action to close down the malfunctioning banks and micro finance institutions was painful, it was a move that inured to the benefit of the depositors of those institutions.

“We had to take painful but necessary measures to sanitize the banking sector. In effect GH¢12.58 billion of public funds was injected into the banks and micro finance institutions following their malfunction.

“The jobs of some 6000 workers were saved instead of the 10,000 that would have lost their jobs in addition to the protection of funds of 4.6 million depositors, he said, adding that banking reforms would ensure a vibrant sector.

President Akufo-Addo decried that corruption has continued to hold back the development of the nation, saying “We must police each other’s behaviour and report acts of corruption.”