Tuesday, 23 July

'I'll give your banks back to you' - Mahama promises owners of 10 banks collapsed by Akufo-Addo gov't

Politics
Heritage Bank

All the banks that were collapsed by the Akufo-Addo government under the ministerial leadership and supervision of former Finance Minister Ken Ofori-Atta would be given back to their owners after an "unbiased assessment," former President John Mahama has promised.

From 2017 to 2020, 10 banks owned by Ghanaian businesspeople were collapsed by the Bank of Ghana.

UT Bank and Capital Bank were first taken over by GCB Bank in a purchase and assumption agreement.

Seven others: The Sovereign Bank, The Beige Bank, Premium Bank, The Royal Bank, Heritage Bank, Construction Bank, and UniBank had their licences revoked and placed under the Consolidated Bank Ghana.

Former presidential candidate Paa Kwesi Nduom's GN Bank also got degraded to a savings and loans firm and later collapsed.

As a result of the banking sector reforms, the Bank of Baroda willingly folded up and exited.

Also, six banks merged. 

First Atlantic Merchant Bank Limited and Energy Commercial Bank merged into one; OmniBank Ghana Limited and Bank Sahel Sahara Ghana merged; and First National Bank and GHL Bank Limited also merged.

Ghana now has 23 functional universal banks in the country.

Also, 347 microfinance institutions, 39 finance houses and 53 fund management companies were collapsed in that same financial sector clean-up exercise.

Urging the youth to vote out the Akufo-Addo government and make him the next president in the upcoming elections, Mr Mahama, in a recent Facebook Live conversation, urged Ghanaians to "exercise your franchise by voting for me, John Mahama, on 7th December and for the National Democratic Congress parliamentary candidate in your constituency," noting: "As your selfless, truthful, experienced, and visionary leader, I need your vote to reset Ghana. I assure you I will work with you to build a country of shared growth and prosperity.”

Explaining what he meant by resetting Ghana, Mr Mahana saidHe stressed, “I will repair the dangerous damage to our country’s economy and people."

He then promised: "Businessmen and women who government apparatchiks have given raw deals will have their say and can be assured of restoration."

Specifically, Mr Mahama indicated: "After a thorough and unbiased assessment, collapsed banks and financial institutions shall be restored."

He also promised to "provide decent and well-paying jobs through my 24-hour economy initiative."

“Let me be clear: I am utterly appalled and disappointed by the unprecedented unemployment rate we are seeing today," Mr Mahama stressed.

To the youth, the NDC flagbearer said: "While I agree with your justifiable anger and disappointments, I urge you to keep hope alive. Have faith in God and the power of your thumb. Ghanaians are in search of hope, hope they can believe in! Hope with the assurance that Ghana will be reset onto the path of progress and prosperity."

“Hope, knowing they can live in safe neighbourhoods and earn a living if they study hard, work hard, and live as law-abiding citizens. This is what Ghanaians are yearning for, and this is precisely what the NDC and I are presenting to you in this election of 2024."

Source: Classfmonline.com