3 banks likely to collapse in the next 10 days if… — ASEPA boss reveals

Source: Pulse Ghana

Ernest Addison, Governor of the Bank of Ghana

Mensah Thompson, Executive Director of the Alliance for Social Equity and Public Accountability (ASEPA) has disclosed that in the next ten days, three banks are likely to collapse.

He said one other bank is also shaky and another Nigerian bank in Ghana can only survive if its parent bank in Nigeria sends some money to sustain it.

Mensah Thompson in a Facebook post said there’s a series of catastrophic storms in the financial sector of the country, adding that the storm of bank collapse will be at its peak in 10 days.

He urged Ghanaians to brace up for more calamities in the banking sector.

Earlier, the Minority leader in Parliament, Dr. Cassiel Ato Forson, warned that 17 banks in the country are at risk as a result of the government’s domestic debt exchange programme.

According to him, the programme will rather shift the bankruptcy of the government to individuals and financial institutions, particularly banks.

Ato Forson debating the programme on the floor of Parliament said it will impoverish Ghanaians and cripple some banks.

“17 banks in the country are at risk as a result of the domestic debt exchange programme,” he noted.

To preserve the stability of the global financial system and support the global economy, the Bank of Ghana has been the first line of defense.

First, they have significantly increased monetary policy rates.

In 2018, a financial sector cleanup undertaken by the Bank of Ghana resulted in the revocation of the licenses of many financial institutions including banks and microfinance companies.

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About Joel Cholo Brooks 14055 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.
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