Ghana backpedalling out of banking crisis

Ghana's President Nana Akufo-Addo was voted into power in 2016 on a pledge to revamp Ghana's economy. [Courtesy]

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.