The government used taxpayers’ money to bail out the bank owners - Dennis Miracles Aboagye.

Added: 2026-05-23

[00:00:00]Indeed.

[00:00:01]The financial sector cleanup is something that ought to have happened long before 2018-2019 under the Muhammad administration.

[00:00:08]>> Yeah, there was actually a recommendation by the IMF that we needed to rescue the financial sector. Mhm.

[00:00:14]Absolutely. So, when the Bank of Ghana and the Muhammad administration was supposed to actually deal with the financial sector, otherwise our economy collapse, otherwise we have these hundreds of thousand Ghanaian depositors lose their money, they did not have the courage.

[00:00:30]Let me quickly draw your attention that they decided to intervene.

[00:00:34]For which reason, the government that is today saying they don't have money actually took taxpayers money to give to these bank owners.

[00:00:43]I'm sure you will collect. Whilst these bank owners, instead of using the money to recapitalize and resuscitate these banks, took these money and basically dissipated them.

[00:00:54]Eventually, what happened was that by the time we got to 2017-2018, our financial sector was near collapse.

[00:01:02]For which reason, the government then had no option than to quickly intervene so we can save the millions of depositors money, otherwise we are in trouble. And that is what led to the Bank of Ghana simply raising the minimum capital requirement to about 400 million. Mhm.

[00:01:22]>> [music] [music]