We saved the banking sector in the recent banking crisis- Akufo-Addo

President Nana Akufo-Addo has disclosed that about 3,500 jobs were salvaged from the banking crisis that hit Ghana’s economy.

In his encounter with the media on Wednesday, he said customer deposits worth GHc 10 billion had also been saved so far.

According to him, about 70 percent of the 5000 jobs in the affected banks were saved.

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Akufo-Addo acknowledged that the failure of the seven banks came at a cost to the taxpayer and a lot of staff of the affected banks.

He added that monies that were taken by shareholders and other related parties from the defunct banks were all retrieved.

President Akufo-Addo also revealed that GHc 400 million had been so far recovered following the collapse of UT Bank and Capital Bank

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Interacting with the Ghanaian community in Rwanda’s capital, Kigali on Thursday, September 6, 2018, President Akufo-Addo stated that there was an urgent need to act to consolidate the banks.

As YEN.com.gh earlier reported, the president dispelled the notion that the government intends to collapse local banks, and explained that the dominance of foreign banks in Ghana was a worrying situation.

He went on to say that there was the need to ensure that the local banks are strengthened in order to compete with the foreign banks.

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Source: YEN.com.gh