27th May 2024

A Deputy Minister of Trade and Industry, Carlos Kingsley Ahenkorah,

A Deputy Minister of Trade and Industry, Carlos Kingsley Ahenkorah, has indicated that the Bank of Ghana’s recognition as the best central bank in Africa for 2019 clearly vindicates President Nana Akufo-Addo’s decision to clean up the country’s banking sector.

He said that this achievement is “a silencer” for the President’s detractors who called him all sorts of names over the decision to clean up and recapitalise the financial sector.

“I hope those who called the President all sorts of names over the decision to clean up the banking sector can muster humility and apologise to him. Today, the same central bank that was called wicked and insensitive for leading the President’s vision to clean up the banking sector has been adjudged the best in the whole of Africa,” he said.

“What do you think accounts for this? I will tell you, it is the visionary leadership of President Akufo-Addo,” Mr Ahenkorah added.

Facts always win

In an interview with the media, the Deputy Minister, who doubles as the Member of Parliament for Tema West, said critics of the President have no choice now but to eat the humble pie and congratulate him.

He noted that the decision to clean up the sector was a painful and difficult choice “but at the end of the day, a sick person must take his medicine to get well, and this award is evidence that the medicine that was administered to our central bank was not poisonous as the detractors would want us to have it.”

“A prophet is never appreciated in his own country, but the truth is also like a cock, it can never be buried in water. At the end of it all, the end has justified the means. I know our friends in opposition have suddenly gone silent. I am not surprised at all; at the end of the day, the facts always win,” he said.

The award

The Bank of Ghana (BoG) was named the African Central Bank of the Year for 2019 following an impressive achievement in reforming the Ghanaian banking sector.

A research carried out by officials of the award scheme resulted in conclusion that the BoG made impressive achievements, with the most notable as its reform of undercapitalised and poorly managed banking sector.

“The Bank of Ghana has an impressive record of achievement, but the most notable is its reform of undercapitalised and poorly managed banking sector. The central bank has dealt with this complex set of risks, which could have caused serious damage to the country’s economy,” the report emphasised.

 

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