The President of the Republic of Ghana, Nana Addo Dankwa Akuffo-Addo gave his Christmas message to all Ghanaians on 24 December 2019. As part of his speech, he stated that in order to sanitize and save the banking system, his government had to take painful but necessary measures which he knows has brought discomfort to many households.
He was of the view however that, the jobs of some 6,500 workers have been saved instead of 10,000 that could have been lost in addition to the protection of funds of GHS4.6 million depositors. In the same vein, he stated that the Ministry of Finance and the Bank of Ghana have worked together to guarantee payment of 100% deposit of customers of the failed banks which is being done. He has also directed the Ministry of Finance to work with the Bank of Ghana to ensure the same applies to customers of Microfinance and Savings and Loans Companies whose licenses have been revoked.
He assured Ghanaians that, investigations into potential criminal conduct are ongoing as it appears there have been a huge diversion of funds of these financial institutions. He went on further to assure Ghanaians that the outcome of these enquiries as well as the actions that will be taken to bring those responsible to book will be made known to the public very soon.