Banking sector cleanup was not adequately planned – Financial analyst

Banking sector cleanup was not adequately planned – Financial analyst

A Senior Research Analyst with the Institute of Fiscal Studies (IFS), Dr Saeed Boakye, has revealed that the banking sector cleanup conducted by the government was poorly planned.

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According to Dr Saeed, the process was not carefully thought through hence the seeming tension in the industry and government’s inability to refund customers' monies.

Speaking in an interview on Starr FM's Morning Starr, he said he had issues with the whole financial sector bailout as he did not understand the whole process.

READ ALSO: Ghanaians mock trade minister for promising more factories in 2020

“I have issues with the whole financial sector bailout. To me, it wasn’t adequately planned. Where are the depositors’ monies? I don’t understand the whole process. I do not want to see too many promises in the 2020 budget.
The budget should be a lean one because of the situation the country finds itself. If the government is honest, many will understand,” he told Francis Abban on the Morning Starr Tuesday.

The Bank of Ghana has revoked the licences of 9 universal banks, 347 microfinance companies, 39 microcredit companies, 15 savings and loans companies, eight finance house companies, and two non-bank institutions.

Last week, it revoked the license of some 53 fund management firms.

READ ALSO: Multimedia apologises to Mahama for 'insulting' him on a live show; Mahama accepts

In other news, Ghana has signed a 2.3 billion dollar concession agreement for the construction of the Accra Sky Train Project in Johannesburg, South Africa.

The signing of the concession agreement means studies to find out how feasible the project would be, spanning a period of nine months to determine the bankability of the project would begin.

Investors have however assured that the first station for the Accra Sky Train project would be opened in 9 months.

READ ALSO: Gov't signs $2.3bn concession agreement for Accra Sky Train Project

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