The Governor of the Bank of Ghana, Dr. Ernest Addison, has firmly stated that the banking licenses revoked during the financial sector reforms of 2017–2019 will not be reinstated as long as he remains in office.

In an interview with JoyNews on January 2, 2025, Dr. Addison responded to calls for the reinstatement of the revoked licenses, declaring, "As long as I am Governor, none of those licenses will be reinstated."

His comments addressed inquiries about whether the incoming government might consider reinstating the licenses following appeals from shareholders of the affected banks.

Dr. Addison emphasized that the license revocations were based on thorough assessments of the banks’ operations, which revealed significant issues, including risky investments and poor management of depositor funds.

“These shareholders treated depositors’ money as their own, using it to fund personal businesses or invest in brick-and-mortar projects that were not liquid enough to make resources available when depositors needed their funds,” Dr. Addison stated.

To ensure the continuation of banking services, the central bank revoked the licenses of nine universal banks, 347 microfinance companies, 39 microcredit companies, 23 savings and loans firms, and eight finance houses during the reform period. Some of these institutions were consolidated under Consolidated Bank Ghana (CBG).

Dr. Addison underscored the gravity of the poor management exhibited by the failed institutions, pointing out that such actions fundamentally violated banking standards.

“When I give you a banking license, I am giving you permission to take people’s money, not to treat it as your private property,” he added, reiterating that protecting depositors and preserving financial stability are the central bank’s core responsibilities.

Dr. Addison further noted, "These are not numbers we generated ourselves," referencing data from Ghana's Statistical Service to highlight the beneficial effects of the reforms on the financial industry.

He warned that reinstating the revoked licenses would jeopardize the stability of the industry and criticized efforts to downplay the necessity of the reforms.

“A banking license is a special instrument, and the responsibilities it comes with must be taken seriously,” he concluded.

Owners of collapsed banks will not get their license while I am here - Dr Ernest Addison. #JoyBusiness pic.twitter.com/baNoIbCXy2

— JoyNews (@JoyNewsOnTV) January 3, 2025