According to him, the move will help restore financial confidence in the banking sector.

“I urge you as the nation’s central bank to remain committed to the process and to address the challenges confronting the banking sector”, he said.  

President Akufo-Addo said this in his address at the 60th anniversary of the BoG in Accra on Friday.

According to him, the central bank’s decision to revoke the licenses of the now two defunct banks was in the right direction, urging the central bank to address the weaknesses in the banking sector.  

“The current weaknesses in our banking sector needs to be addressed forcefully to help minimize any adverse financial consequence for unsuspecting savers and their spillover effects on the economy”, he said.

President Akufo-Addo further stated that the BoG’s action against UT and Capital bank will guarantee financial stability and also promote greater confidence in the financial sector.

In addition, he said, the move also demonstrates the central bank’s preparedness to execute its core mandate as a responsible central bank.