Vice President Dr Mahamudu Bawumia is of the view that the National Democratic Congress (NDC) government lacked the courage and fortitude required to deal with the crises Ghana’s financial sector was faced with.
The Veep who was speaking at a town hall meeting about his government’s achievements said then decision by the NPP to clean the sector showed competence of the Akufo-Addo led government.
“The banking sector clean-up was to protect the financial system and the NDC was aware of the problems as far as 2015 for banks and 2012 for microfinance, savings and loans but had no courage to deal with the sector clean up,” he said.
He said the NDC’s decision not to deal with the problems facing the sector could have collapsed Ghana’s financial system.
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“They are now going around saying they will pay depositors their money; you couldn’t even pay teachers’ allowances and you are saying you can pay depositors,” he quizzed.
The Vice-President reiterated government has already spent 13 billion on the exercise which was unplanned and questioned where the NDC would have acquired such monies from.
He gave the assurance that depositors’ monies will be paid in full since the sector clean-up was through no fault of theirs.
The Bank of Ghana in 2019 as part of sanitizing the financial sector revoked the licences of 9 universal banks, 347 microfinance companies and 39 microcredit companies.
Fifteen savings and loans companies, eight finance house companies, and two non-bank institutions were also affected.
