President Akufo-Addo Said Defunct Ghanaian Banks Were Running Glorified Ponzi Schemes

President Nana Addo Dankwa Akufo-Addo. Photo credit: Jubilee House

In his last State of the Nation Address for his first term in office, President Akufo-Addo has said the banking crisis was the most difficult thing they inherited when he assumed office on January 7, 2017.

He said the banks were in distress and the Bank of Ghana had put them on unsustainable life support.

Solving this was one of the key tasks of his government.

A number of banks were closed down and a lot of bankers were sent home.

For customers, however, the President said he is relying on the courts to grant the liquidators access to the assets of the banks that will be defrayed to pay off their customers.

He said the customers were attracted by unsustainable interest rates as the banks were running what would be called “glorified ponzi schemes.”


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