The Minority in Parliament, in September 2019, blamed the over 17,000 workers job losses on the closure of 347 microfinance institutions.

Speaking at a press conference, Member of Parliament for Bolga Central, Isaac Adongo, stated that the closure of banks and microfinance institutions created economic hardship for many Ghanaians in the country.

“Anecdotal evidence suggests that over 4,500 people lost their jobs as a result of the closure of the universal banks alone. Another 4000 just lost their jobs as well, due to the closure of 23 savings and loans institutions and finance houses; while a whopping 17,350 people are estimated to have also lost their jobs as a result of the closure of the 347 microfinance institutions.

Meanwhile, the Bank of Ghana reiterated that the benefits of the financial sector clean up far exceeded any harm that may have been cause adding that the exercise succeeded in safeguarding depositors’ funds, won back the financial stability and confidence in the sector

But to the Minority, the banking sector clean-up served more as a threat to the livelihoods of many people in the country than fulfilling its intended aim.

Read the full story originally published on September 3, 2019 on GhanaWeb