Governor of the central bank of Ghana, Dr Ernest Addison has said the Bank of Ghana’s GHS400 million recapitalisation exercise saved over GHS 11.6 billion of 1.5 million depositors.

According to Dr Addison, contrary to the belief that the BoG has caused unnecessary losses in the banking sector, the clean-up exercise has "protected deposits" of clients, including deposits of savings and loans companies; rural and community banks; investment fund managers, pension funds, and life insurance companies with the banks.

Dr Addison expressed confidence that the recent actions of the central bank will lead to a better financial industry in the country.

“At the end of December 2018, total assets of the banking sector grew by 14.7 per cent year-on-year to GHS107.3 billion. Going forward, growth in industry assets is expected to rebound, as banks deploy their newly-injected capital towards financial intermediation,” he noted.

The recapitalisation exercise ended on 31 December 2018, It reduced the number of universal banks from over 30 to 23.