"Collapsing Financial Institutions" Has Strengthened The Economy – Dr. Assibey Yeboah

Chairman of the Finance Committee and Member of Parliament of New Juaben South, Hon. Dr. Mark Assibey Yeboah, has disclosed that "collapsing financial institutions was the best decision ever" by the government.

According to him, it has really saved the economy and strengthened it.

The clean-up exercise which began in August 2017 has resulted in the revocation of the licenses of 9 universal banks, 347 microfinance companies, 39 microcredit companies, 15 savings and loan companies, 8 finance house companies, and 2 non-bank institutions, costing taxpayers in Ghana over GHc20 billion.

As part of its effort to restore confidence in the banking and specialized deposit-taking sectors, the BoG embarked on the clean-up exercise three years ago to address issues concerning insolvent financial institutions whose continued existence posed risks to the interest of depositors.

Speaking on Okay FM’s 'Ade Akye Abia' program, he explained that the economy has become more resilient adding that the government’s decision to barter the country’s bauxite has really helped and cushioning the economy.

"Currently, the first tranche of the 2 billion dollars provided by the China government has arrived and these monies have been put to use by the government . . . They are what is been used for the various road projects been carried out in the country.

"It is in view of this that the IMF has praised the country’s economy as robust and healthy than before," he stated.

Watch interview below