In taking these actions, BoG sought to:     protect the deposits (about GHS11 billion) held by these defunct banks; ensure that these defunct banks exited the market in an orderly fashion without creating disruptions to the rest of the system; and allow stronger institutions to operate and support the economy. 2  Q.
What has been the impact of the BoG’s actions against the failed banks on the financial sector and beyond?   BoG’s actions against the failed banks and Government’s decision to guarantee the deposits of the 7 banks and the creation of CBG have helped to mitigate what could have been severe adverse consequences from these failures.