President Akufo-Addo says business interest in the economy is an indication that the Ghanaian economy is bouncing back after suffering a hit due to the coronavirus.
After a meeting with senior managers of the Bank of Ghana (BoG), President Akufo-Addo said he is working to protect the economy from local and international shops.
He says there is a revival of confidence and this is only an indication that the economy has bounced back.
“The economy of Ghana is beginning to pick up again and we are witnessing a revival of confidence in Ghana. You can clearly see the economy is picking up again and that is one of the works the government has done.”
At the meeting, the Governor of the Bank of Ghana, Dr. Ernest Addison stated that all customers of the nine (9) failed banks, and over ninety five percent (95%) of customers of Specialised Deposit-taking Institutions (SDIs), which were affected by the banking sector clean-up have received their deposits.
According to Dr. Addison, the first phase of the banking sector clean-up involved the revocation of licenses of nine (9) banks, for which all depositors were paid in full.
On helping to ensure the maintenance of a strong banking sector in the country, and to prevent the recurrence of a banking crisis, Governor Addison told President Akufo-Addo that the first step taken has been to pass the new corporate governance directive.
This, he said, had become necessary because, at the heart of the financial sector crises, was a breakdown in corporate governance in the various banks whose licenses were revoked.
“The second one has to do with misreporting of data, because of a lot of falsification of data by the financial institutions to the Central Bank. So we have brought in a new technology which will allow us to get the data directly from sources, so that no human interventions will be in there to distort the data that they send,” the Governor indicated.