President John Dramani Mahama has announced the commissioning of a formal investigation into the collapse of several indigenous banks and financial institutions that occurred during the tenure of the previous government.
The probe, initiated by Finance Minister Dr. Cassiel Ato Forson, aims to uncover the causes behind the financial sector failures and restore public confidence in Ghana’s banking system.
Speaking to the nation on Wednesday, May 7, in a special address marking the completion of his first 120 days in office, President Mahama emphasized his administration’s commitment to transparency, accountability, and sound financial governance.
He underscored the importance of holding those responsible for the banking sector’s distress accountable.
“The Minister of Finance, Dr. Ato Forson, has launched an inquiry into the collapse of indigenous banks and financial institutions. Make no mistakes, facts will be unearthed, culprits will be punished, and lessons will be learnt,” the President declared firmly.
This investigation, President Mahama stressed it forms part of his government’s broader strategy to strengthen regulatory oversight and rebuild trust among depositors, investors, and other stakeholders in Ghana’s financial institutions.
Notables financial institutions collapsed under previous government include; UniBank Ghana Ltd, the UT Bank, the Capital Bank, the Royal Bank, the Construction Bank, the Beige Bank and the Heritage Bank.
Source: www.kumasimail.com /Kwadwo Owusu
