Dr. Philip Addison, the Governor of the Bank of Ghana has sent a message to the owners of collapsed banks who are hoping to get their revoked licenses reinstated.
According to Dr. Addison, none of those revoked banking licenses will be reinstated as long as he continues to serve as the Governor for the Bank of Ghana.
According to him, the license revocations were based on thorough assessments of the banks’ operations, which revealed significant issues, including risky investments and poor management of depositor funds.
“These shareholders treated depositors’ money as their own, using it to fund personal businesses or invest in brick-and-mortar projects that were not liquid enough to make resources available when depositors needed their funds.”
“When I give you a banking license, I am giving you permission to take people’s money, not to treat it as your private property,” Dr. Addison said.
He cautioned that reinstating the revoked licenses would jeopardize the stability of the industry.
“A banking license is a special instrument, and the responsibilities it comes with must be taken seriously,” he concluded.
