Akufo-Addo: Banking Sector Cleanup Saved Millions of Depositors’ Funds, Strengthened Economy
President explains the reforms as a decisive move to restore trust in Ghana’s financial system
- Akufo-Addo emphasizes that the 2017 banking sector cleanup was essential to restore stability and protect depositors’ funds
- The cleanup strengthened Ghana’s financial system
- The President stresses that the reforms were driven by necessity
President Nana Addo Dankwa Akufo-Addo has emphasized that the banking sector cleanup his administration began in 2017 was a crucial and strategic move to safeguard Ghana’s financial stability, rather than a vendetta.
In his final State of the Nation Address (SONA) to Parliament on January 3, 2025, the President defended the reforms, stating they were essential to resolving longstanding challenges that threatened the sector’s integrity.
The cleanup involved the closure and consolidation of underperforming banks, aimed at restoring public confidence and protecting depositors. Akufo-Addo called it a bold and necessary intervention that strengthened Ghana’s banking sector, despite the hurdles faced during the process.
“The decision was not driven by personal motives, but by the urgent need to preserve the strength of our financial system,” he asserted.
The President also highlighted the illegal practices of affected banks, which had put the savings of many Ghanaians at risk. However, he noted that the reforms had ensured that no depositor lost their funds, marking a historic achievement in financial crisis management.
Today, he affirmed, Ghana’s banking sector is more resilient and stable, poised to contribute to economic growth and secure the future of the country’s financial system.
