She put up the defence in response to the Chairman of the Public Accounts Committee, James Klutse Avedzi, who attributed the tax default of some of the institutions to the financial sector clean-up.

The Ghana Revenue Authority has revealed that the defunct financial institutions owe more than nine million cedis in taxes.

“We have an amount which is owed by defunct financial institutions to the tune of GHc9,218,258.61.”

GRA also revealed that they have written to the Receivers to reclaim the money but haven’t received it yet.

However, during the Public Accounts Committee sitting today, Abena Osei-Asare explained that the government had to intervene for the depositors to get back their money.

She asserted that all their activities also come with a cost; however, if the cost would have a positive impact on citizens, the cleanup decision would be taken.

According to her, some of the banks have already taken the government to court over the issue.