Former President John Dramani Mahama has criticised the Akufo-Addo administration for how the clean exercise was carried out in the financial sector.
To him, the government’s approach to the banking sector cleanup was hasty and lacking in necessary considerations for the social impact it would have.
Nine banks collapsed during the financial sector clean-up that was carried out by the Bank of Ghana (BoG) with support from the Finance Ministry.
Also, the licenses of twenty-three savings and loan companies including GN Savings and Loans were revoked.
The banks include UT Bank, Capital Bank, UniBank, The Royal Bank, The Beige Bank, Sovereign Bank, The Construction Bank, Premium Bank, and Heritage Bank.
The flagbearer of the National Democratic Congress (NDC) said that he has been very concerned about the issues surrounding the closure of banks during the cleanup exercise.
He says that the closure of banks like GN Bank and UT Bank has had a significant impact on not only the employees but also the communities they served.
Mr Mahama said after a meeting with the Chairman of Groupe Nduom in Accra that “I have always maintained that the government’s approach to the banking sector cleanup was hasty and lacking in necessary considerations for the social impact it would have.”
In a Facebook post after the meeting, he said “I had the privilege of meeting with Dr Kwesi Ndoum and his team from GN Bank to receive their petition to restore their revoked banking license. I have been very concerned about the issues surrounding the financial sector cleanup, and I appreciate the opportunity to hear directly from those affected. I firmly believe in the importance of Indigenous participation in the financial sector.
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“The closure of banks like GN Bank and UT Bank has had a significant impact on not only the employees but also the communities they served. I have always maintained that the government’s approach to the banking sector cleanup was hasty and lacking in necessary considerations for the social impact it would have.
“It is essential for us to look at restoring the licenses of these indigenous banks and ensuring that they have a fair chance to thrive once again.
“If given the opportunity to serve the Ghanaian people once more, I will work to restore the capital of indigenous businesses in the financial sector and ensure that they are given a fair chance to succeed. I look forward to working towards a solution that benefits all involved.”
The post Govt’s approach to the banking sector cleanup was hasty and lacking necessary considerations – Mahama first appeared on 3News.
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