The President Nana Addo Dankwa Akufo-Addo has stated that the Bank of Ghana (BoG) took the right decision in revoking the licenses of the now defunct banks, UT Bank and Capital Bank.

He believes that the decision to do so assists in the restoration of hope in the country’s banking sector.

He tasked the central bank to remain dedicated to the process involved, and get to the root of the challenges of Ghana’s banking sector.

President Akufo-Addo added that when the challenges are addressed, the economy would be protected from unexpected events.

He went on to say that the decision to revoke the licenses of the banks would ensure financial stability and consequently increase the level of confidence in the economy.

He also stated that the action of the central bank invariably indicates its readiness to execute its core mandate.