BoG won an international award for banking sector cleanup efforts and we must value it,’ – Ernest Addison

Dr. Ernest Yedu Addison, Governor of the Bank of Ghana (BoG), emphasized the significance of the central bank’s internationally acclaimed banking sector cleanup.

Speaking on PM Express Business Edition on January 2, he reflected on the chaotic state of Ghana's financial system before the 2017 reforms, where a lack of public trust and malpractice by banks had undermined the sector.

Dr. Addison justified the revocation of licenses for poorly managed banks, noting that some shareholders had misused depositors' funds. He highlighted the role of the IMF in pushing for reforms and the international recognition the BoG received for its actions.

He concluded by underscoring the importance of maintaining banking integrity and learning from the past.