Former Chief Justice Sophia Akuffo Criticizes Economy Managers Over Banking Sector Cleanup
Sophia Akuffo, former Chief Justice of Ghana, has expressed strong disapproval of the economy managers’ handling of the banking sector cleanup exercise. She emphasized that a humane and quality management approach should have been taken, considering all possible consequences before acting.
Akuffo stressed the importance of warning stakeholders and transparency in implementation, stating that managers should not take actions without considering the impact on those affected. She questioned the fairness of the government’s plan to compensate victims of the cleanup by returning the same amount of money locked up, without considering its value at the time.
President Akufo-Addo has directed the Finance Ministry to release GHC1.5 billion to cushion victims of the banking sector cleanup. However, Akuffo’s comments highlight concerns about the government’s approach to addressing the consequences of the cleanup.
The banking sector cleanup, which took place between 2017 and 2020, resulted in the collapse of several indigenous banks and finance firms, with some being consolidated or absorbed by stronger banks. The exercise aimed to stem an impending banking crisis, but its handling has been widely criticized.
Akuffo’s comments add to the growing chorus of voices calling for a more compassionate and transparent approach to managing the economy. Her emphasis on considering the human impact of economic decisions serves as a reminder of the need for empathy in governance.
