The Bank of Ghana Governor, Dr. Ernest Addison, has reiterated that bank licenses revoked during the financial sector clean-up will not be reinstated under his leadership.
Dr. Addison made this statement during a television interview with JoyNews on January 2, 2025. He responded to calls to reinstate the revoked licenses, saying, “As long as I remain Bank of Ghana Governor, none of those licenses will be reinstated.”
This firm stance followed questions about whether the incoming government might consider restoring licenses revoked during the 2017-2019 financial sector reforms. Dr. Addison maintained that the decision to revoke licenses was based on thorough reviews of the affected institutions’ operations, which revealed significant issues.
“These shareholders treated depositors’ money as their own,” the Bank of Ghana Governor explained, “using it to fund personal businesses or invest in brick-and-mortar projects that were not liquid enough to make resources available when depositors needed their funds.”
During the financial sector clean-up, the central bank revoked the licenses of nine universal banks, 347 microfinance companies, 39 microcredit companies, 23 savings and loans firms, and eight finance houses. Many of these entities were consolidated under the Consolidated Bank Ghana (CBG) to ensure continuity in banking services.
Dr. Addison highlighted the importance of upholding the integrity of the financial sector, stressing that “when I give you a banking license, I am giving you permission to take people’s money, not to treat it as your private property,” said the Bank of Ghana Governor.
He also pointed out that the reforms had yielded positive outcomes, citing data from Ghana’s Statistical Service to back the central bank’s actions.
Dr. Addison warned that reinstating revoked licenses would undermine the stability of the financial sector. “A banking license is a special instrument, and the responsibilities it comes with must be taken seriously,” emphasized the Bank of Ghana Governor.
