The Governor of the Bank of Ghana, Dr. Ernest Addison, has urged the government to take action against shareholders of banks and financial institutions implicated in the financial sector clean up.

According to Dr Addison, there is a need for accountability, hence, these individuals should be held responsible for their actions and inactions. The Governor expressed concern over the government’s slow pace in addressing this matter, calling for more prompt and decisive action.

At a joint press conference with the Ministry of Finance and the International Monetary Fund (IMF) on Monday, July 1, Dr. Addison said all those who are still holding funds that were meant for the exercise must be pursued.

“It is taking a really long time to really bring all of these matters to a close. However, it is important that the state needs to persevere and pursue these shareholders who have misappropriated depositors’ funds.

“The large amounts of monies that we claim were used to clean up the financial sector, some of these monies are being held in assets by the shareholders and I think that the law needs to be allowed to do its work.”

The Bank of Ghana embarked on a banking sector clean up, recapitalization, and other regulatory reforms from mid-2017 to end-December 2018 in line with its mandate to promote the safety, soundness, and stability of the financial system to support economic growth.