The banking sector cleanup was well-intended – Former Finance Minister

Former Finance Minister Dr. Mohammed Amin Adam defended the Akufo-Addo administration’s banking sector cleanup exercise, asserting that it was well-intended and ultimately strengthened the financial sector despite its downsides.

Responding to criticisms from President Mahama, who argued that the cleanup led to unnecessary bank closures and significant human costs, including job losses and family disruptions, Dr. Amin Adam maintained that the exercise was designed to resolve persistent financial challenges.

While Mahama promised to restore the licenses of banks he deemed unjustly revoked, his focus on the human consequences was countered by Dr. Amin Adam’s view that the strengthened sector validates the cleanup’s long-term benefits.