Ghana back-pedals out of worsening banking crisis

Ghana's deputy central bank governor Elsie Addo Awadzi.

Ghana is back-pedaling 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 licences of five local banks and combined them into one - the newly created state-run Consolidated Bank - issuing 5.8 billion cedi’s ($1.2 billion) in bonds to clear their debt.