The Governor of the Bank of Ghana, Dr. Ernest Addison, has revealed that the revocation of UT Bank and Capital Bank's licenses was a direct result of strict recommendations from the International Monetary Fund (IMF) aimed at stabilizing Ghana’s financial sector.He revealed that he took charge of the Central Bank during a turbulent period marked by severe financial instability.

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At the time, the IMF had insisted on immediate and stringent measures to restore stability in the country’s banking sector.Dr. Addison disclosed that the IMF had recommended sweeping reforms, including the closure of UT Bank and Capital Bank, among other critical steps. Speaking at the Governor’s Day dinner organized by the Chartered Institute of Bankers, Dr.

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Addison emphasized that the Bank of Ghana had no choice but to implement these drastic actions to safeguard the financial system.“There are a few requirements which the IMF calls the prior actions, you have to do this, you have to do that otherwise they are not even going to organize a board meeting to discuss Ghana and disburse any funds to you,” he said.

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His tenure was marked by extensive clean-up initiatives in the banking sector, which involved shutting down several troubled banks and implementing structural reforms designed to rebuild public confidence and ensure the sector's long-term health.Dr. Addison also reflected on the severity of Ghana's financial crisis, raising important concerns about the influence of external pressure on national economic decisions.

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“This was one of the prior actions—to dissolve UT and Capital Bank. Ghanaians had not witnessed such actions in a long time. Many were shocked when the licenses of the two banks were revoked,” he stated.The closure of UT and Capital Bank in August 2017, among the first actions taken during his tenure, shocked many.

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Following this, the Bank of Ghana also revoked the licenses of Beige Bank, uniBank, Sovereign Bank, Construction Bank, and Royal Bank due to significant regulatory breaches.

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