National Democratic Congress communicator Louis Agana has called for greater accountability from Ghana’s financial regulators following the restoration of GN Savings and Loans’ license.
Speaking on Dreamz FM’s State of Our Nation program, Mr Agana said regulators and technocrats should answer for decisions that contributed to the collapse of financial institutions during the banking sector cleanup.
“We need to hold the regulatory bodies accountable,” he said.
Mr Agana questioned why some banks were permitted to operate if they allegedly failed to meet licensing requirements.
“Who was supposed to ensure that you met the requirements to give you these licenses?” he asked.
He argued that failures within the regulatory system exposed customers to financial hardship and economic losses.
According to him, some depositors suffered severe financial distress after losing access to their funds.
“You are risking people’s lives because some people lost their money,” Mr Agana said.
He also criticized delays in the judicial process surrounding the case, saying justice delivered years later may not fully repair the damage caused to businesses and workers.
Mr Agana warned business owners to be cautious in their political associations, saying perceptions of political alignment could negatively affect companies.
“As a business person, you may want to be careful how you deal with politicians,” he said.
The Court of Appeal recently restored the license of GN Savings and Loans after years of legal disputes over the government’s banking sector reforms.
