Economic Issues

Akufo-Addo’s government has destroyed financial sector built in 60 years – Kofi Bentil cries

Akufo-Addo’s government has destroyed financial sector built in 60 years – Kofi Bentil cries

Jan 19, 2023 12:09 PM

Vice President of Imani Africa, Kofi Bentil has said that it is heartbreaking that the Akufo-Addo-led New Patriotic Party government, in just eight years has destroyed Ghana’s economy that took six decades to build.

Akufo-Addo and Kofi Bentil

Writing on his Twitter page on Thursday, January 19, 2023, he lamented that the financial sector including confidence in government securities has been damaged thanks to the mismanagement by the government in power.

“Really sad to realise that in a space of 8 years, they’ve blown up the whole financial sector including confidence in government securities!! Something we took 60 years to build,” Bentil cried in a tweet.

His concern follows the announcement by the Securities and Exchange Commission that Zenith Bank Ghana has voluntarily stopped operating securities and capital markets.

“Zenith Bank Ghana Limited voluntarily requested to cease operations as a Trustee. Although Zenith Bank Ghana Limited voluntarily ceased its Trustee services for Unit Trust Schemes in 2022,” SEC said in a statement.

The statement however added that the Bank continues to hold a Custodian license issued by the SEC under the Securities Industry Act, 2016 (Act 929) and remains an active operator in the Ghanaian Securities market and banking industry.

The earlier notice issued by SEC on Wednesday, January 19, 2023, left many people alarmed, with speculations being rife that the once vibrant bank might be on the verge of folding up.

The commission was compelled to issue another statement to clarify the content of the earlier notice to allay the fears of the general public.

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