Banking Sector Clean-Up Freezes Pharma CEO's Savings, Strains Business Operations

CEO of KAMA Group, Dr. Michael Agyekum Addo, lost his retirement savings due to the banking sector clean-up. He had saved for over 30 years to fund his pension.

One of Addo's companies, a leading pharmaceutical manufacturer in Tema, is facing operational difficulties due to his frozen funds. This has led to issues paying overhead costs.

Addo's story demonstrates the broader impact the banking sector clean-up has had on individuals and businesses across Ghana.

The clean-up, initiated in 2017, resulted in 23 banks remaining from an original 34. Additionally, hundreds of other financial institutions had their licenses revoked.

The total government expenditure on the banking sector clean-up reached approximately GH¢21 billion by 2020, higher than initial estimates. Affected institutions have legally challenged the license revocations.