The Bank of Ghana’s banking sector reforms protected the funds of more than 4.5 million depositors, the Finance Minister Ken Ofori-Atta has said.
According to Mr. Ofori-Atta, the banking sector was ‘comatosed’ before the central bank’s action saw the collapse of nine banks, 347 microfinance companies and 23 savings and loans as well as finance houses.
He stated that since 2017, government has to spend more than GH¢14 billion to safeguard depositors’ funds and protect the jobs of people engaged in the banking sector.