Top NPP economist says government should print money to pay depositors of collapsed banks

Top NPP economist says government should print money to pay depositors of collapsed banks

- NPP top economist has urged the government to print money to pay customers who have their deposits with the collapsed banks

- He has also described the committee formed by the government to fight the depreciation of the cedi as "useless"

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NPP stalwart and economist, Kwame Pianim is suggesting to Akufo-Addo led administration to print money to pay claims of depositors of the financial clean up.

According to the renowed economist, the printing of money by the central bank to pay depositors will not affect the economy or inflation.

My suggestion was to have let the Bank of Ghana find a means to pay the affected customers even if it involved printing of money…We are making it difficult for the NPP to win this [2020] election,” he said in an interview with Citi News on Monday, January 21.

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He also chided the NPP government for delaying in prosecuting the persons who caused the mess in the banks that went down.

Mr. Pianim urged government to speed up the processes in prosecuting the culprits. He said the quick prosecution of the offenders will ensure confidence in the system.

How long has it taken us to put some of these people on trial? The government has spent a lot of taxpayers’ money in order to pay for some of these difficulties,” he noted.

Ghana’s banking and financial sector faced a thorough cleanup between 2017 and 2019. The Bank of Ghana within the period revoked the licenses of commercial banks, savings and loans, microfiance and fund management companies for being insolvent and other reasons.

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Mr. Kwame Pianim also lambasted the NPP for setting up a committee to investigate the depreciation of the cedi and make recommendations.

The for chief of staff said the 40-member committee is just for a public stunt. “40 member committee? Are we serious? In the 4th year of this administration?” he quizzed?

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He said we must “dissolve the committee, we don’t need it".

YEN.com.gh earlier reported that former Chief Executive Officer (CEO) of defunct Beige Bank, Mike Nyinaku has taken ill and admitted at the Police Hospital in Accra barely 48 hours after he was remanded by an Accra High Court.

On Tuesday, January 14, 2020, the police arrested Mr. Nyinaku and founder of the now-defunct UT Bank and Chairman of UT Group of Companies, Mr Prince Kofi Amoabeng as well for the involvement in the collapse of their banks.

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Source: Yen

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