In a demonstration of compassion, President Nana Addo Dankwa Akufo-Addo has instructed the Finance Ministry to disburse GHC1.5 billion to alleviate the struggles of individuals affected by the banking sector reforms.
This announcement was made by Dr. Mohammed Amin Adam, the sector minister, during a recent UK Town Hall meeting.
While emphasizing the importance of personal responsibility in investment decisions, Dr. Amin Adam acknowledged the government’s empathy towards those who suffered losses due to the banking sector clean-up.
He noted that some individuals were misinformed or lacked proper guidance, leading to unfortunate consequences, including fatalities and suicides.
In addition to the initial bailout, the government has directed the release of another GHC1.5 billion to support the affected individuals between now and October.
The Finance Minister also revealed that the government has successfully restructured its $5.1 billion debt with official creditors and completed the restructuring of $13.1 billion with Eurobond holders.
The banking sector reforms, which took place between 2017 and 2020, resulted in the consolidation or collapse of several indigenous banks and finance firms.
The reforms included increasing the minimum capital requirement from GHC102 million to GHC400 million, leading to mergers and acquisitions among banks.
