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General News for Friday, May 1, 2020
Source: happyghana.com
2020-05-01
MP for Assin Central, Kennedy Agyapong
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Member of Parliament (MP) for Assin Central, Kennedy Agyapong has said that the greatest achievement of the government led by President Akufo-Addo has been the consolidation of some seven (7) banks in 2018.
The legislator vehemently opposed the idea that the president collapsed the banks. “You can never collapse something and put them back together,” he said.
He mentioned this in an interview on Happy98.9FM, Epa Hoa Daben with the host, Afrifa-Mensah.
Under his authority, he mentioned that “saying that the president collapsed the banks means that he destroyed them and the customers lost their money, but it never happened that way.”
It revealed that more than 4.6 million depositors could have lost all their money, but the government had to invest 18 billion GHc to support the banks and save the Ghanaian investment.
“The President and the Minister of Finance did well in consolidating the banks. They should be applauded for that, ”he said.
In early August 2018, the Bank of Ghana revoked the licenses of five distressed banks and merged them into one, calling it Consolidated Bank Ghana Limited (CBG).
The affected banks included uniBank, Sovereign Bank, Construction Bank, Royal Bank and Beige Bank.
Heritage Bank and Premium Bank were added in January 2019.
CBG was established to rescue depositors’ funds and manage the consequences of the shaking in the banking sector.
The Central Bank explained that some of the affected banks obtained their licenses using dubious means and had nonexistent capital, adding that while some breached the cash reserve requirement, others made their shareholders participate in alleged dubious transactions.
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