In his view, heeding to a proposal by renowned economist, Kwame Pianim that government should consider permitting the central bank to print money to settle depositors will only lead to grave consequences on the country’s budget deficit. “So yes we can find money to pay but not through printing money, that is not productive, that will rather be inflationary,” he said. Over a period of two years, the financial sector experienced a shake-up after several indigenous banks and over 20 micro and saving and loan companies had their license revoked by the central bank. Meanwhile, President Akufo-Addo said government has set aside some GH¢16 billion to refund, in full, funds of the 4.6 million depositors affected. According to him, the Finance Ministry and the Central Bank are working together to disburse the funds.

Source: GhanaWeb January 26, 2020 10:18 UTC