Dr. Gideon Boako, an economist and spokesperson for the Vice President, Dr. Mahamudu Bawumia, says critics of the Bank of Ghana’s clean-up of the banking sector, have failed to present possible solutions for the crisis that confronted the country’s financial sector.
Speaking on Point Blank on Eyewitness News on Citi FM, Dr. Boako stated that the Bank of Ghana inherited a financial sector that was facing an existential threat with a number of banks heavily dependent on emergency liquidity support.
“The acid test to any political decision is what is the alternative. When we came, they had started on the path of doling out taxpayers’ money in the form of liquidity to support some of these institutions.”
“Some of these institutions, they had supported with liquidity to the tune of GH¢800 million and over a billion cedis for years, and we didn’t see any results. That was a lazy approach because the money was not coming from them, they were just pumping it out,” Dr. Boako stated.
by Richard Annerquaye Abbey
