According to him even though the situation is sad, it didn’t make sense to continue supporting these banks that were suffering at the time.
“It was bad . . . when I saw the numbers at the time it was quite frightening,” he said.
He further indicated that, the banks were using the Central Bank’s liquidity support for other purposes.
The Vice President said the then NDC administration was aware of the situation but did nothing about it and rather kept offering liquidity support.
“The NDC was aware there was a problem .these were bad practices of government but we had to step in,” he stated.
“By the time we got into office things were unraveling; we were on the brink of the collapse of the system so the BoG had to rescue the situation. This is one of the most important acts that have been done to save the economy.”
The Vice President made these comments when speaking with Kwame Sefa Kayi on Peace FM’s Kokroko morning show.