President Akufo – Addo lauds BoG for revoking licenses of Capital Bank, UT Bank

President Akufo – Addo lauds BoG for revoking licenses of Capital Bank, UT Bank

- President Akufo-Addo stated that the Central Bank's decision to revoke the licenses of the two banks has restored hope in Ghana's banking sector

- He expects the economy to be resilient henceforth in order to withstand any unexpected economic pressures that may arise

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The president, Nana Akufo–Addo has stated that the Bank of Ghana (BoG) took the right decision in revoking the licenses of the now defunct banks, UT Bank and Capital Bank.

President Akufo – Addo lauds BoG for revoking licenses of Capital Bank, UT Bank

The licenses of the Capital Bank and the UT Bank have been revoked by the Central Bank

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He believes that the decision to do so assists in the restoration of hope in the country’s banking sector.

He tasked the central bank to remain dedicated to the process involved, and get to the root of the challenges of Ghana’s banking sector.

President Akufo – Addo added that when the challenges are addressed, the economy would be protected from unexpected events.

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He went on to say that the decision to revoke the licenses of the banks would ensure financial stability and consequently increase the level of confidence in the economy.

He also stated that the action of the central bank invariably indicates it readiness to execute its core mandate.

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Source: Yen.com.gh

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