Bank of Ghana award vindicates Akufo-Addo-Ghanatoday.net

Business News of Tuesday, 11 February 2020

Source: GNA

2020-02-11

Member of Parliament for Tema West, Carlos Kingsley Ahenkorah, has claimed vindication for President Akufo-Addo’s decision to clean up Ghana’s banking sector following the award of the Bank of Ghana as the best Central Bank in Africa for 2019.

“I hope those who called the President all sorts of names over the decision to clean up the banking sector can muster humility and apologise to him. Today the same Central Bank that was called wicked and insensitive for leading the President’s vision to clean up the banking sector has been adjudged the best in the whole of Africa.

“What do you think accounts for this? I will tell you, it is the visionary leadership of President Akufo-Addo,” Mr Ahenkorah said.

Speaking in an exclusive interview with the Ghana News Agency in Accra, Mr Ahenkorah said the detractors of the President had no choice now but to eat humble pie and congratulate him.

According to him, it was a vindication that should silence the President’s detractors, “I know our friends in opposition have suddenly gone silent, I am not surprised at all; at the end of the day, the facts always win,” he said.

The Bank of Ghana (BoG) was named the African Central Bank of the Year for 2019 following an impressive achievement in reforming the Ghanaian banking sector.

A research carried out by officials of the award scheme resulted in conclusion that the BoG made impressive achievements with the most notable as its reform of undercapitalized and poorly managed banking sector.

“The Bank of Ghana has an impressive record of achievement, but the most notable is its reform of undercapitalized and poorly managed banking sector. The central bank has dealt with this complex set of risks, which could have caused serious damage to the country’s economy”, the report emphasized.

Mr Ahenkorah said the BoG’s achievement was a silencer for the President’s detractors, who called him all sorts of names over the decision to clean up and recapitalize Ghanaian banks.

“A prophet is never appreciated in his own country, but the truth is also like a cock, it can never be buried in water. At the end of it all, the end has justified the means.

“we are not saying that the clean-up was a walk in the park; it was a painful difficult decision to take, but at the end of the day, a sick person must take his medicine to get well, and this award is evidence that the medicine that was administered to our Central bank was not poisonous as the detractors would want us to have it.