The action eventually led to the collapse of seven banks and the downgrading of one. “Why would you spend about 18 billion to collapse banks, government is now denying, saying they spent about 15 or 16 billion, even that is huge, you spend that much to collapse banks?”, he quizzed. The former legislator said the government could have been a little more pragmatic in its approach to cleaning the banking sector without necessarily having to collapse banks, some of which he said were done arbitrarily. “Couldn’t there have been a move that government could take to assist these banks?”, he questioned, on the assumption the banks indeed had problems. He likened the seeming panic in the banking sector now to a doctor bleeding a wound to heal.

Source: GhanaWeb April 17, 2019 13:52 UTC