Mahama describes BoG banking clean-up as chaotic and a threat to national security

Mahama describes BoG banking clean-up as chaotic and a threat to national security

- John Mahama has described the banking scandal which has led to the closure of many financial institutions as a threat to national security

- According to the NDC flagbearer said the consequences of the banking crisis is far-reaching

- He opined about 20,000 direct jobs have been lost due to the BoG’s revocation of the licenses of many financial institutions

Flagbearer of the opposition National Democratic Congress (NDC), John Mahama the Bank of Ghana's cleansing of the financial sector has led to the lost of 20,000 direct jobs.

The former president described the exercise by the central bank as “chaotic” and “national-security-threatening”.

According to him, the exercise has seen the revocation of licences of about 420 banks, microfinance institutions and other finance houses within just one year.

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Mr Mahama further intimated that BoG's actions has also cost the state and taxpayer GHS20 billion.

About 20,000 people have lost jobs directly due to the 420 financial institutions that have been shut down”, Mr Mahama claimed on Thursday, August 22, 2019 in a Facebook Live interaction with Ghanaians.

We have not even added the indirect jobs”, he said, adding: “By the time we do, the total calculation, about 40,000 to 50,000 people may have lost their jobs,” he added.

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Mr Mahama said his party stands with all those who have been affected by the chaotic path chosen by the central bank.

“Revocation of licences would have been the last resort and not the first resort. No country is immune to crisis in the financial sector,” he added.

YEN.com.gh earlier reported that Nana Addo has asked CEO of PPA to step aside over allegations made against him in an exposé by journalist Manasseh Azure Awuni

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Source: YEN.com.gh

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