We need GHC13b more to completely clean up banking sector – Mahama
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We need GHC13b more to completely clean up banking sector – Mahama

- John Dramani Mahama has said an extra GH¢13 billion would be needed to complete government’s banking sector cleanup

- According to him, this is necessary because the GH¢15 billion approved by Parliament to support the cleanup has not served its purpose

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Flag bearer of the National Democratic Congress (NDC), John Dramani Mahama has said an extra GH¢13 billion would be needed to complete government’s banking sector cleanup.

According to Mahama, the GH¢15 billion approved by Parliament to support the cleanup has not served its purpose due to the way government went about the whole exercise.

The former president made this known while speaking during a Facebook live broadcast on Thursday, January 30, 2020.

READ ALSO: Akufo-Addo wears a crown of shame – Suhuyini

“Our estimates show that going by the reckless path this government chose with its attendant job losses and collapse of businesses, an additional ¢13 billion will be required to complete the exercise of the financial sector cleanup,” he said.

In a bid to restore confidence in the banking and specialised deposit-taking sectors, nine universal banks, 347 microfinance companies, 39 microcredit companies, 15 savings and loans companies, eight finance house companies and two non-bank institutions were closed. The licenses of 53 fund management firms were also revoked.

Mahama said although government had no plan on how to handle the financial sector clean up, it deliberately undertook the exercise to “dishonestly lower the projected budget deficit and give a false picture of satisfactory fiscal performance in 2020 which is an election year.”

READ ALSO: Ghanaian man starts business that can build roads & houses with 100% plastic

In other news, Member of Parliament for the Tamale North Constituency in the Northern Region has said President Nana Addo Dankwa Akufo-Addo “wears a crown of shame” following Transparency International’s assessment of Ghana’s fight against corruption.

Ghana was recently ranked 80th out of 180 countries on the 2019 global Corruption Perception Index (CPI) with a score of 41 per cent, an exercise carried out by international organisation Transparency International (TI).

Making reference to the CPI on TV3’s New Day, the Tamale North legislator observed the country’s fight against corruption is the worst under Akufo-Addo’s watch.

READ ALSO: Bawumia begs contractors, engineers to make "Year of Roads" a success

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Source: Yen

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