Banking Crisis: Mahama Orders Probe, Vows to Punish the Guilty

President John Dramani Mahama has announced that his government will hold accountable those responsible for the collapse of indigenous banks and financial institutions in Ghana.

During a national address on Wednesday, May 7, to mark his first 120 days in office, President Mahama revealed that Finance Minister Dr Cassiel Ato Forson has officially commissioned an inquiry into the financial sector crisis that occurred under the previous administration.

“The Minister of Finance, Dr Ato Forson, has launched an inquiry into the collapse of indigenous banks and financial institutions,” Mr Mahama stated. “Make no mistake, facts will be unearthed, culprits will be punished, and lessons will be learnt.”

The president emphasized that this move is part of a broader effort to restore public trust and transparency in Ghana’s banking system.

Many local banks and financial institutions were shut down or absorbed in recent years, leading to massive job losses, loss of investments, and public outcry.

Mr Mahama’s strong words signal a clear shift toward accountability in governance. He stressed that the days of shielding those involved in mismanagement or regulatory failure are over.

By pursuing sanctions, the government hopes to deter future misconduct while rebuilding the banking sector’s credibility.

“This is not just about punishment. It is about justice, trust, and rebuilding our economy from the ground up,” Mahama said.

The inquiry is expected to cover decision-making processes, regulatory oversights, and possible political interference that may have contributed to the collapse of once-thriving Ghanaian financial institutions.

While no specific individuals have yet been named, the president’s vow suggests that high-level officials and stakeholders could be implicated if found culpable.

For many Ghanaians, this renewed focus on financial accountability offers hope that similar crises can be prevented in the future—and that justice may finally be served for those who lost their savings.