Finance

17 banks at risk due to DDEP

Ato Forson noted that this is according to a report by the Bank of Ghana.

After the government announced its decision to exchange domestic debts, questions were raised about the viability of banks and how they were going to survive, since most banks were engaged in government business.

However, after the initial resistance, the Ghana Bankers Association and the Insurers association reached an agreement with the government on the terms of the programme.

According to Ato Forson, the debt exchange programme has shown that the government is looking to transfer its bankruptcy to the private sector.

Speaking on the floor of parliament on February 16, 2023, Ato Forson asked the finance minister to be cautious about how he is embarking on the debt exchange programme.

“The financial sector, don’t be surprised that by the time they are done and dusted, we will have to engage in banking sector cleanup again. Because our banks are going to obviously collapse. I have cited the Bank of Ghana report that says that 17 banks are at risk because of what is happening. I urge the finance minister to be careful in what he is doing not to transfer the bankruptcy to the private sector,” he said.

 

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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