Ghana backpedalling out of banking crisis

Ghana is backpedalling out of a banking crisis as the government takes on debt to save a troubled sector and vows to punish the executives responsible. Early in August, Ghana’s central bank revoked the licenses of five local banks and combined them into one — the newly created state-run Consolidated Bank — issuing 5.8 billion cedis ($1.2 billion) in bonds to clear their debt. The Bank of Ghana (BoG) accused the collapsed banks of a range of issues, including poor corporate governance, questionable transactions and dishonest reporting