- BoG says it has paid 95% of depositors of the collapsed banks
- The governor of the BoG made the revelation when President Akufo-Addo paid a working visit on the central bank
- Dr. Ernest Addison said they have put in place measures to prevent a future occurrence of the banking crisis
- Our Manifesto: This is what YEN.com.gh believes in
The governor of the central bank of Ghana, Dr. Ernest Addison, has reiterated the claims by the Receiver of the collapsed banks that he has settled about 95% of the depositors.
Dr. Addison noted that monies have been paid to savings and loan companies, microfinance institutions, and finance houses.
He was briefing President Nana Akufo-Addo on Tuesday, August 25, 2020.
President Akufo-Addo visited the BoG and the banking issues came up for discussions.
The Governor also told the President that only 5% of customers or depositors haven’t received their funds.
He opined that these are depositors of GN Bank/GN Savings and Loans and First Allied Savings and Loans which were cleared only last three weeks.
The governor added that the government had provided a bond worth GH¢1.7 billion, out of which GH¢700 million had been monetised, with which the Receiver was also working at clearing the last people that were left in this segment.
Dr. Addison also assured the President and Ghanaian that the BoG has put in place measures to prevent a repetition of the banking sector crisis in the future.
He said the passing of the new corporate Governance Directive, will ensure that the mess that was in the banking sector is prevented.
He said because there was a lot of falsification of data submitted to the central bank by the financial institutions, the bank had brought in a new technology that would allow it to get the data directly from the sources to avoid human intervention in data retrieval. He said because many of the banks reported that they had capital when, in fact, they did not, the BoG had reviewed the entire capital verification process of banks.
Lastly, Dr. Addison revealed that staff of the Banking Supervision Department of the BoG had received a lot of training with the International Monetary Fund (IMF) and some other technical assistant providers.
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