SONA 2021: Akufo-Addo Defends Banks Closure; Says Most Were Operating As Glorified Ponzi Schemes

President Akufo-Addo in his last state of the nations address for his first term have noted that the biggest economic challenge he inherited was the banking sector crisis.

According to him many of the banks he came to meet were in distress due to the failure of the regulatory institutions to perform their duties well.

Perhaps the biggest challenge “My government inherited was the state of the banking sector. Many of our banks were in distress,” he said.

“The supervisory agencies were unfortunately not performing their duties. Many of our finance houses were running what can be called glorified Ponzi scheme,” he noted.

This, according to him, prompted the action for the financial sector clean up exercise.

Source: GhanaFeed.com