2025 SONA: Banking Sector Cleanup Wasn’t a Vendetta- Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has refuted allegations that the banking sector cleanup carried out by the Bank of Ghana in his first term in office was a targeted effort against political opponents.
He clarified on Friday, January 5, 2025, during the State of the Nation Address (SONA) in Parliament that it was an act of necessity and not a vendetta.
He characterized it as a “bold and decisive” intervention that was needed to create sanity in the country’s financial system.
“Let me at this juncture state unequivocally that the Banking Sector Cleanup undertaken by my administration was an act of necessity, not of vendetta.”
“The illegalities and irregularities perpetuated by the affected banks and financial institutions are well documented and indisputable,” he added.
He argued that these practices threatened the foundation of the country’s banking sector and jeopardised the hard-earned savings of millions of Ghanaians.
“Our actions ensured that not a single depositor lost their money—an unprecedented achievement in financial crisis management.”
President Akufo-Addo while underscoring the significance of the exercise indicated the country now has a “more robust, stable and resilient banking sector capable of driving economic growth and supporting the aspirations of our people”.
He therefore concluded that it was a necessary decision to restore public confidence and secure the future of Ghana’s financial sector.
Source: opemsuo.com /Hajara Fuseini
