Banking and Finance

BoG really cleaned the banking sector – Societe Generale MD

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The Managing Director of Société Générale Bank, Ghana, Hakim Ouzzani, has said all the banks that exist after the banking sector cleanup have respect for norms and regulations that have been introduced by the Bank of Ghana (BoG).

Speaking to the media after a grand draw for the bank’s ongoing deposit and win a campaign, Mr. Ouzzani, said: “The Ghana banking sector went through some troubles, but the government and the central bank have really cleaned the banking sector.”

“With the capital increase that they have introduced, actually all the banks that are still operating we know that they are respectful of all the norms and regulations which have been introduced to make the banks strong. So, the existing 23 banks are stronger than the 35 that existed before,” he said.

The Bank of Ghana revoked the licenses of nine commercial banks as part of the cleanup exercise.

Twenty-three other insolvent savings and loans companies and finance houses, and 347 microfinance firms were also declared insolvent.

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