Posted 3/30/2024, 5:10:43 PM
CEO's Retirement Savings Locked Up in Ghana Banking Cleanup, Causing Financial Strain
- CEO of KAMA Group, Dr. Michael Agyekum Addo, says his retirement savings from 30+ year career were locked up due to Ghana's banking sector clean-up
- This has caused financial strain for his companies, including a leading pharmaceutical manufacturer in Tema
- Clean-up started in 2017 under Finance Minister Ken Ofori-Atta, reduced banks from 34 to 23
- Estimated state cost was 16.4 billion cedis from 2017-2019, later said to reach 21 billion cedis in 2020
- Affected financial institutions have legally challenged the government's license revocations