Banking sector cleanup was essential, not a vendetta – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo, in his final State of the Nation Address on January 3, 2025, reaffirmed that the 2017 banking sector cleanup was a crucial measure to secure Ghana’s financial stability, not an act of personal vendetta.

The reforms addressed systemic issues, including irregularities and illegalities by some institutions, which jeopardized depositors’ savings and the sector's integrity.

The cleanup involved revoking licenses, merging entities, and ceasing operations of underperforming banks. President Akufo-Addo described it as a bold, necessary intervention to restore public confidence and protect the financial system.

He emphasized that no depositor lost their funds during the process—a rare achievement in crisis management.

Highlighting the outcomes, he noted Ghana now has a more robust, stable, and resilient banking sector, vital for driving economic growth and safeguarding citizens’ aspirations.