Minority Leader in Parliament, Dr. Cassiel Ato Forson, has leveled accusations against the Bank of Ghana, alleging the closure of over 400 microfinance institutions purportedly affiliated with the opposition National Democratic Congress (NDC).

He further claimed that some of the managers of these 426 microfinance companies, which were shut down for political motives, have resorted to working as taxi drivers.

Ato Forson asserted that if the NDC regains power, they will hold the Akufo-Addo government accountable for these actions.

During his address at the OccupyBoG demonstration in Accra on October 3, 2023, the former finance minister emphasized that the protest aimed to bring about improvements in the country.

It is worth noting that in 2017, the Bank of Ghana conducted a cleanup operation that resulted in the revocation of operating licenses for eight banks, 23 savings and loans companies, and over 400 specialized deposit-taking institutions (SDIs).

These included UT Bank, Capital Bank, Sovereign Bank, Beige Bank, Premium Bank, The Royal Bank, Heritage Bank, Construction Bank, and UniBank. The Receiver for some of these institutions found that many directors had failed in their fiduciary duties to customers and other stakeholders.

These measures taken by the BoG were aimed at safeguarding the investments of 4.6 million depositors.