in August 2017, a memo from a Senior Economist at the Office of the Senior Minister, Habibu Adam sheds light on critical issues in the banking sector following the collapse of UT Bank and Capital Bank.
The memo, was addressed to the Governor of the Bank of Ghana and provides a sound analysis of culpability of each of the stakeholders for the challenges of the financial sector.
It also presents detailed insights into how the Government, Regulator, financial institutions and their customers were culpable in the banking sector challenges at the time, and makes recommendations for the way forward.
Many of the issues raised are applicable to recent events in the sector — events that have led to the closure of five banks by the Regulator.
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