ASEPA Fires BOG Over ‘Cruel’ Banking Sector Clean Up

The Alliance for Social Equity and Public Accountability (ASEPA) has bemoaned the manner in which the banking sector clean up was conducted, describing it as cruel.

Bank of Ghana (BOG) in 2018 conducted a clean up exercise in the financial sector which ended in the revocation of the licenses of many financial institutions including banks and microfinance companies.

Speaking at a press conference, the Executive Director of ASEPA, Mensah Thompson said it’ll be unfair if perpetrators behind the crimes committed during the financial sector clean up are allowed to go scot-free.

“About the government owing uniBank, the bank has also offered loans to contractors doing government contracts. These contractors are waiting for the government to pay them so that they can also go and service their loans at uniBank. Pay these contractors, the government says no. The government failed to pay its indebtedness to these contractors who were, in turn, owing these banks.

“After this, the Bank of Ghana sent Auditors to these banks and told them that the monies owed these banks must be written off. How cruel can you be, who regulates a sector like this? You do this and further reduce the financial situation of the banks and turn round to tell us that the banks are insolvent,” he stated.

Source: GhanaFeed.com