Dr Ishmael Yamson is Chairman of the National Economic Dialogue
The Chairman of the National Economic Dialogue, Dr. Ishmael Yamson, has called for the restoration of licenses to banks affected by the banking sector clean-up exercise if investigations reveal that the revocations were unwarranted.
Speaking in an interview on Hot Issues on Sunday, March 8, 2025, Dr. Yamson urged the government to establish an independent body to review the Bank of Ghana’s justification for closing the banks.
He noted that if the investigations conclude that the clean-up was “callous and reckless,” the affected banks should have their licenses reinstated to resume operations.
Reflecting on the financial sector clean-up, Dr. Yamson argued that instead of shutting down the banks, the government could have taken alternative measures, such as replacing management with competent leaders and punishing those found guilty of financial mismanagement.
He suggested that at the time, the government had various options, including requiring bank leaders responsible for liquidity challenges to relinquish their shares, rather than opting for closure.
Calling for an independent review of the decisions that led to the closures, he emphasised the need for a more careful approach to addressing the issue.
President John Mahama has also criticised the former leadership of the Bank of Ghana for the manner in which the banking sector clean-up was conducted.
The exercise led to the closure of several financial institutions.
During the swearing-in ceremony of the new Governor and Deputy Governor of the Bank of Ghana on Tuesday, February 25, 2025 President Mahama expressed concern that the decisions made under the banking sector reforms had severe consequences for individuals and families.
The president has pledged to restore the licenses of banks that he believes were unjustly revoked.
SP/MA