Finance Minister Ken Ofori-Atta has defended the Bank of Ghana’s decision to lump seven distressed indigenous banks into a fully owned state enterprise - the Consolidated Bank Ghana.

The minister commended the governor of the Bank of Ghana, Dr. Ernest Addison for being proactive in salvaging the 'sick' banking sector that posses an eminent threat to Ghana’s economy.

According to Mr. Ofori-Atta, Ghana’s economy is too small to house 34 universal banks, adding that government will adhere to the stringent of measures to reduce the number.

Mr. Ofori-Atta also stated the current bank collapse though may have resulted in some few job loss was in the best interest of the 50,000 workers employed by the banking sector.

Ken Ofori-Atta was speaking at a forum organised by Danquah Institute held at Alisa Hotel in Accra on August 22, 2018.

The forum was themed “The banking sector clean up” was attended by the Deputy Finance Minister Adu Boahen, Dr. Eric Osei Assibey, Ace Ankomah, amongst others.