Business News of Wednesday, 15 January 2020Source: classfmonline.comWe did right thing to save banking sector - BoGBank of Ghana Governor, Dr Ernest AddisonThe Bank of Ghana has reiterated that the revocation of the licenses of some nine local banks was the right thing to do which saved the banking industry from systemic threats that could have significantly affected the Ghanaian economy. “The performance of the banking industry in 2019 shows that a stronger banking sector has emerged, with improved solvency, liquidity and profitability. The key financial soundness indicators remained positive throughout 2019 as banks adhered to sound banking practices following the reforms”, he mentioned. Some key actors in the banking sector crisis were on Tuesday arrained. However, the founder and former CEO of The Beige Bank, Mr Michael Nyinaku, was remanded in police custody by the court for one week.

Source: GhanaWeb January 15, 2020 12:33 UTC