By Ashiadey Dotse
In his final State of the Nation Address (SONA) to Parliament on January 3, 2025, the President, Nana Addo Dankwa Akufo-Addo, emphasised that the banking sector cleanup carried out by his administration in 2017 was essential for safeguarding Ghana’s financial stability, not an act of personal revenge.
The President explained that the cleanup aimed to address serious problems within the banking sector that posed a threat to the country’s financial system. The process involved revoking licenses of underperforming banks, facilitating mergers, and shutting down non-compliant financial institutions.
President Akufo-Addo described the intervention as bold and necessary, stating that it was crucial for protecting depositors’ funds and ensuring confidence in the financial system.
He highlighted that illegal activities and irregularities by some financial institutions had put the savings of ordinary Ghanaians at risk. However, he assured that no depositor lost their money during the cleanup—a significant achievement in managing financial crises.
“Today, the results are clear: Ghana has a stronger, more resilient banking sector capable of driving economic growth and supporting national development,” the President said.
He concluded by reaffirming that the cleanup was a tough but necessary decision to secure the future of Ghana’s financial sector and restore public trust in the system.
