General News of Wednesday, 13 November 2019Source: citinewsroom.comCulprits in banking crisis will soon face justice – Ofori-AttaKen Ofori-Atta, Finance MinisterThe Finance Minister, Ken Ofori-Atta has said the government will soon prosecute individuals whose actions led to the banking crisis. The Central Bank has over the past two years revoked the licenses of a number of banks, microfinance companies, and Savings and Loans companies. Speaker, it is important to state that the Government has not under any circumstances intentionally collapsed any financial institution. The total estimated cost for our fiscal intervention, excluding interest payments, from 2017 to 2019 is estimated at GHS16.4 billion, about 5% of GDP.”A few days ago, SEC also revoked the licenses of some 53 Fund Management Companies. The 53 fund management companies who have lost their licenses were said to be managing a customer base of about 56,000 whose funds run in excess of GH¢8 billion out of the total GHc25 billion of the entire securities sector.

Source: GhanaWeb November 13, 2019 14:46 UTC