A banking consultant, Nana Otuo Acheampong has said the financial sector cleanup carried out by the Bank of Ghana, is responsible for the resilience of banks amidst the COVID-19 pandemic. A new report by the Bank of Ghana has established that even though banks have been resilient to shocks amidst the COVID-19 pandemic, the same cannot be said for Specialized Deposit-Taking Institutions such as Savings and Loans Companies and Microfinance firms. Nana Otuo Acheampong told Citi Business News the capital base of the 23 banks in the country have become stronger than all 317 Specialized Deposit-taking Institutions (SDIs) put together. He said this can be credited to the financial sector clean-up which saw the revocation of licenses of nine commercial banks aside from the twenty-three insolvent savings and loans companies and finance houses, and the 347 microfinance firms that were also declared insolvent. Learn more about your ad choices. Visit megaphone.fm/adchoices