Hot!
Over 95 percent of Savings & Loans, Microfinance customers paid fully – Governor Addison
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has stated that all customers of the nine failed banks, and over 95 percent of customers of Specialised Deposit-taking Institutions (SDIs), which were affected by the banking sector clean-up have received their deposits.
According to Dr. Addison, the first phase of the banking sector clean-up involved the revocation of licenses of nine banks, for which all depositors were paid in full.
“The second phase has to do with the SDIs – these are the savings and loans, microfinance institutions and finance houses. In their case, for individual depositors who have been fully paid, the data that we have suggests that more than 95 percent of depositors have been fully paid,” he said.
The Governor continued, “So there are just about five percent depositors who have large amounts, these are the high net worth individuals who were settled with loans which were to be retired over five years. So, we think that most of it has been done.”
Dr. Addison made this known on Tuesday, 25th August 2020, when the President of the Republic, Nana Addo Dankwa Akufo-Addo, visited the BoG to familiarize himself with the operations of the Bank.
Touching on deposits of customers of GN Savings and Loans and First Allied Savings and Loans, the Bank of Ghana Governor noted that, over the last three weeks, all customers have been paid.
“The Government has provided a bond worth GH¢1.7 billion, for which we have monetized GH¢700 million. So, the receiver is also working at clearing the last few customers that are left in that segment. So, I think that we have made a lot of progress, Mr. President, with this depositor issue,” he added.
On helping to ensure the maintenance of a strong banking sector in the country, and to prevent the recurrence of a banking crisis, Governor Addison told President Akufo-Addo that the first step taken has been to pass the new corporate governance directive.
This, he said, had become necessary because, at the heart of the financial sector crises, was a breakdown in corporate governance in the various banks whose licenses were revoked.
“The second one has to do with misreporting of data, because of a lot of falsification of data by the financial institutions to the Central Bank. So we have brought in a new technology which will allow us to get the data directly from sources, so that no human interventions will be in there to distort the data that they send,” the Governor indicated.
The third step, he added, “has to do with the capital verification process, because a lot of the banks reported that they had capital when, in fact, they didn’t have any capital at all.”
He continued, “So we have reviewed the entire capital verification process of the bank, and it’s almost impossible now for us to have a bank that doesn’t have any capital, and yet it’s allowed to operate, and, of course, in addition to that, for all the staff of the banking solution department we have had a lot of training programmes with the IMF and other technical assistance have been provided.”
Dr Addison expressed appreciation of the country’s banking sector to President Akufo-Addo for the role he played in sanitizing the space, which has brought in its wake more confidence in its wake.
“ Your clear leadership and understanding of the role of the financial sector in the government’s transformation agenda, gave the leadership of the Bank the confidence and courage to embark on the comprehensive banking sector reforms over the last three years, which saw an increase in the minimum capital requirements, clean-up of the financial sector by the revocation of licenses of weak and insolvent institutions, and a revamp of the regulatory framework to stabilise and strengthen the sector,” he added.
The clean-up of the sector, he stressed, has resulted in a stable financial sector with fewer banks and Specialised Deposit-Taking Institutions (SDIs) that are well capitalised, liquid, and solvent, and better able to support our nation’s economic growth agenda.
“These efforts helped to earn the Bank international acclaim as the Central Bank of the Year in 2019. By the end of 2019, all the financial sector soundness indicators showed strong improvements as capital adequacy ratio, profitability, and liquidity levels increased significantly while non-performing loans declined,” he added.
The Global Network of Export-Import Banks and Development Finance Institutions (G-NEXID) successfully held its sixth (6th) Exchange Programme, hosted by the Ghana Export – Import Bank (GEXIM) Bank in Accra from March 22 to 23 March.
The event brought together member institutions, partner organisations and Ghanaian public entities to advance dialogue on South-South trade, investment and development finance, while also creating opportunities for knowledge-sharing and institutional cooperation.
Organised as a capacity-building and networking platform, the 2026 edition of the G-NEXID Exchange focused on GEXIM’s experience in developing innovative solutions to promote intra-African and extra-African trade.
It also highlighted trade and investment opportunities in Ghana, particularly in the context of the African Continental Free Trade Area (AfCFTA) and broader national development initiatives.
The Exchange Programme forms part of G-NEXID’s mandate to foster cooperation among export-import banks and development finance institutions in support of South-South trade and investment.
This 6th edition follows earlier successful programmes hosted by India Exim Bank (2016), BNDES (2017), Indonesia Eximbank (2018), Afreximbank (2019) and Saudi EXIM Bank (2025).
On the first day, participants were presented with G-NEXID institutional information and received an update on the Network’s 2026 work programme.
There were a series of substantive presentations, including an overview of the Ghanaian economy by the Ministry of Finance, with particular attention to debt-related challenges; a presentation by the Ghana Investment Promotion Centre (GIPC), on investment opportunities in the country; and institutional presentations by GEXIM and Development Bank Ghana (DBG) on their respective mandates, initiatives, products and services.
Discussions during the sessions underscored strong interest in sector-focused webinars and business dialogues, particularly in agribusiness value chains such as poultry and rice.
Participants also emphasized the importance of continued information exchange and the sharing of best practices, especially in the area of guarantees.
The second day opened with a presentation on the 24-Hour Economy and Accelerated Export Development Programme, a national economic transformation strategy launched by President John Dramani Mahama in July 2025.
The initiative aims to enhance economic productivity through continuous industrial activity, accelerated export development and strategic import substitution.
As the programme is expected to mobilise both private and development capital, it presents concrete opportunities for G-NEXID members in areas such as co-financing, guarantees, trade finance and technical cooperation.
The programme also featured institutional presentations by guest organisations, namely the African Guarantee and Economic Cooperation Fund (FAGACE) and the West African Development Bank (BOAD), which shared their mandates, initiatives, products and services.
Following these exchanges, the G-NEXID Secretariat held bilateral discussions with both institutions as part of the Network’s ongoing membership drive.
Participants further benefited from a presentation by the Eastern and Southern African Trade and Development Bank (TDB), as well as a showcase of GEXIM’s key pipeline projects.
On the margins of the Exchange Programme, G-NEXID members also held their 20th Annual General Assembly Meeting to review progress and discuss strategic priorities.
Following the event, participants joined the GEXIM@10 International Conference, held from March 24-25, 2026 under the theme, “A Decade of Enabling Export Trade and Industrial Transformation: Resetting GEXIM for the Next Frontier.”
The conference provided an important platform for exploring how Ghana can strengthen its transition from a primary commodity exporter to a more competitive player in value-added trade and industrial development.
Source – G-NEXID
President John Dramani Mahama on Tuesday, March 31, 2026, signed five bills including three amendment bills passed by Parliament into law.
They are: Security and Intelligence Agencies Bill, 2025; University of Engineering and Agricultural Sciences Bill, 2025; Ghana Deposit Protection (Amendment) Bill, 2025; Growth and Sustainability Levy (Amendment) Bill, 2026; and Education Regulatory Bodies (Amendment) Bill, 2026.
In a brief remark after assenting to the bills, President Mahama explained that the Security and Intelligence Agencies Act, 2026, scraps the Office of Minister of National Security and frees the President’s to appoint any Minister to supervise the security agencies.
He said it also reverses the name of the office of National Intelligence Bureau (NIB), to the original name, Bureau of National Intelligence, (BNI).
This the President said, addresses the confusion between that security agency and a well-known Ghanaian financial institution, the National Investment Bank.
President Mahama also noted that the University of Engineering and Agricultural Sciences Act, 2026, establishes another University in the Eastern Region, at Bonsu, with three campuses – the main campus at Bonsu in the Eastern Region, with the second campus to be cited at Ohawu in the Oti Region.
The third, the Presdient assed will be located at Acherensua in the Ahafo Region.
Touching on the Amendment to the Growth and Sustainability Levy Act, the President said, “As you’re aware, the act was amended to increase it from 1% to 3%, and so this act reduces it again. That is the levy on mining companies. It reduces it again to 1%, because of the introduction of the sliding scale of royalties.”
He also spoke to the passage of the Government Education Regulatory Bodies Amendment Act, emphasising that amends Act 1023 to grant greater flexibility to private tertiary institutions and the option to Charter.
The Ghana Deposit Protection Amendment Act, the President concluded, is an amendment to an original act that was supposed to guarantee deposits held in commercial banks or financial institutions.
It basically expands protection to include mobile money wallets and other digital platforms, ensuring a wider scope of digital financial assets are secured.
The signing ceremony, was witnessed by the Clerk of Parliament, Mr. Ebenezer Ahumah Djietror, Secretary to the President, Dr Callistus Mahama, the Minister of Justice and Attorney General, Dr Dominic Akrutinga Ayine, Chief of Staff, Julius Debrah, Joyce Bawa Mogtari, a Senior Presidential Advisor and a Special Aide to the President, Finance Minister, Dr Cassiel Ato Baah Forson, and the Vice President, Professor Jane Naana Opoku Agyemang.
- Sports6 days ago
Former Black Stars player opens up on personal struggles, alleges family betrayal
News1 day agoKwahu Business Forum:My engagement with President Mahama has boosted my business — Lydia Forson
- News1 day ago
“We are working to transform the Kwahu Business Village into an international conference hub”
