There is no doubt that the failure of the seven banks came at a  cost to the Ghanaian taxpayer, staff of the affected banks, and Page | 5  to an extent, shaked confidence in the financial sector. However, the decisions we took as a regulator protected the deposits of more than 1.5 million customers with deposit values of over ¢  billion.
Additionally,  the  orderly  intervention  and  revocation of these licences and the purchase and assumption transactions that ensued minimized the potential adverse impacts by ensuring that about 70 percent of the 5,000 jobs in the affected banks were saved. This would be contrasted to what could have been the imploding of these banks and the contagion that could have resulted.