Amin Adam calls on BoG and Finance Ministry to explain implications of GN Savings ruling

Karaga MP and former Finance Minister, Mohammed Amin Adam, has called on the Bank of Ghana and the Ministry of Finance to immediately clarify the regulatory and fiscal implications of the Court of Appeal ruling ordering the restoration of GN Savings and Loans’ licence.

In a Facebook post on Friday, May 23, Dr Amin Adam said Ghana cannot afford to politicise banking regulation at a time when the country is emerging from an IMF-supported programme.

“Financial stability is not a campaign promise. It is a national asset,” he wrote.

The former Finance Minister outlined three immediate actions he believes the Bank of Ghana must undertake following the ruling.

First, he said the central bank must publicly explain the regulatory implications of the decision and indicate whether it intends to appeal the ruling.

Second, he argued that before any restoration becomes operational, the Bank of Ghana should conduct and publish the broad conclusions of a fresh prudential assessment covering capital adequacy, liquidity, governance, asset quality, and risk management.

Third, Dr Amin Adam urged the Ministry of Finance to disclose any potential fiscal exposure arising from the ruling, including possible compensation obligations, depositor liabilities, receiver costs, and recapitalisation requirements.

According to him, Ghana’s post-IMF credibility would depend heavily on whether financial-sector reforms are seen as durable and guided by technical supervision rather than political considerations.

“If core financial-sector clean-up decisions are reopened through political pressure, the signal to markets could be damaging,” he warned.

المصدر: MyJoyOnline (GH)