Former Finance Minister Seth Terkper has said steps taken by the Bank of Ghana that led to the collapse of seven banks could have been avoided.
He said the defunct banks could have been saved if a workable strategy put in place had been properly applied.
This strategy he said was designed by the NDC government under Mahama and bequeathed to the NPP. But the plan was ignored, he suggested in an interview on Joy FM’s Super Morning Show Tuesday.
Seven banks have collapsed since the NPP government came into office in January 2017. UT, Capital banks bit the dust in August 2017. They were followed by uniBank, The Beige Bank, Construction, Royal and Sovereign banks in August 2018.
UT and Capital banks were taken over by GCB while the rest was rolled into a newly created bank, Consolidated Bank of Ghana.
The BoG explained although it had pumped monies into banks like UT, Capital and uniBanks, they still struggled to remain viable.
The struggles of these banks have been traced to the failings of the era of President Mahama where Dr. Henry Wampah and Dr. Abdul-Nashiru Issahaku were governors of the central bank while Seth Terkper was Finance minister.