Elsie Addo Awadzi on turning around Ghana’s banking system

The Bank of Ghana led a multi-pronged effort to rescue or resolve several banks and hundreds of smaller firms

Elsie Addo Awadzi
Elsie Addo Awadzi, Bank of Ghana

The Bank of Ghana is starting to emerge from an almost two-year effort to turn around its banking sector.

The action began in 2017 with the closure of two banks, says Elsie Addo Awadzi, deputy governor. Several other firms – seven more banks and hundreds of non-banks, including microfinance firms – were resolved in the subsequent months.

“A number of these banks had already been found to be insolvent, going as far back as 2015,” says Awadzi, speaking on the sidelines of Central Banking’s autum

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