Thursday, 23 January

Banking crisis: We're chasing after culprits; "they'll face justice" – Akufo-Addo

Business
President Nana Akufo-Addo

President Nana Akufo-Addo has said all those believed to have contributed to the banking sector crisis that saddled Ghana’s financial sector would be arraigned soon to answer for their misdeeds.

Addressing the 71st Annual New Year School and Conference themed: "Attaining Ghana Beyond Aid: Prospects and Challenges" at the Great Hall, University of Ghana, President Akufo-Addo said the state has had to spend over GHS 12 billion of public funds in order to rescue some 6,500 jobs as well as protect funds of some 4.6 million depositors.

Those responsible for this unfortunate happening, the President said, ought to be punished.

"We have begun bringing those responsible for the banking crisis to justice. We have one case in court and if prima facie evidence of criminality is found in the other ongoing investigations which, according to my information, is likely, then the perpetrators of these crises, that is, both the regulators and individuals, will face justice soon", President Akufo-Addo said.

Incidentally, at the time the President was addressing the New Year School, the former CEO of the now-defunct Beige Bank, Mr Michael Nyinaku, and the former CEO of the now-defunct UT Bank, Mr Prince Kofi Amoabeng, were both arraigned on charges of stealing and money laundering in relation to the banking crises.

Both accused persons pleaded not guilty before the Circuit Court Judge Emmanuel Essandoh.

The hearing was adjourned to the 22 January 2020.

Keynote Speaker

Delivering the keynote lecture at the event, the former Chairman of the University of Ghana Council, Dr Ishmael Yamson, noted that for Ghana to attain the vision of a "Ghana Beyond Aid", the state must remove all micro impediments in the way of trade.

On the recent banking crisis that bedevilled the country, Dr Yamson said the challenges have a further sad impact on the non-savings culture of Ghanaians, in that confidence in the financial sector among the people of Ghana has dipped further.

He called on the government to ensure that those behind the rot are prosecuted and punished accordingly.

Dr Yamson further noted that the "Ghana Beyond Aid" agenda of the current government ought to be adopted as a national vision and not a political agenda of a particular party in power.

The "Ghana Beyond Aid" Charter that is has been developed must be made a national document, he said.

The New Year School

The Annual New Year School and Conference was introduced in 1948 and it brings together people from all walks of life to deliberate on topical issues of national and international interests.

The 71st edition was chaired by Professor Akua Kunyehia, Acting Chairperson of the University of Ghana Council.

Source: Classfmonline.com