Richard Agyemang defends banking sector cleanup

A former New Patriotic Party (NPP) Suame Youth Organiser, Richard Agyemang, has rebuked ex-Cal Bank MD Frank Adu for what he terms “distorted facts” in a recent interview on PM Express.

The former youth organiser, who remains unnamed, insisted Mr Adu’s comments unfairly tarnished the NPP government, stating “He only sought to settle personal scores with Akufo‑Addo and Ken Ofori‑Atta.”

Referring to the Asset Quality Reviews (AQRs) by the Bank of Ghana and IMF around 2014/15, he reminded the public that several banks had been designated undercapitalised or insolvent.

“Insolvent banks were mandated to be resolved immediately,” he emphasised, pointing to legislation under Act 930 that gave the central bank authority to act decisively.

He defended the NPP’s subsequent intervention in 2017, advising that their focus was on resolving insolvent institutions, safeguarding depositors, and limiting system-wide collapse.

“The government stepped in to bail out all depositors fully… That was a generous action by the NPP government to protect savings and jobs,” he affirmed.

Concluding on a note of optimism, he highlighted the sector’s recent performance—33.8% growth in total assets and 28.8% in deposits by end-2024—as evidence that the clean‑up worked. “Our banking industry is much stronger now,” he declared.

The former organiser urged Mr Adu to revisit the facts and acknowledged that Ghana’s banks had emerged more resilient after the intervention.

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