Ghanaians jab Mahama over banking sector cleanup promise

Ghanaians jab Mahama over banking sector cleanup promise

- Former president Mahama has received backlash from the public for intimating that when he wins power in 2020 he will pay depositors who lost monies in the banking sector cleanup

- The NDC flagbearer says he will pay depositors their monies in the shortest possible time

- Our Manifesto: This is what believes in

Some Ghanaians have lashed out at National Democratic Congress (NDC) flag bearer, John Dramani Mahama for promising to pay the monies of depositors who suffered from the banking sector crisis.

The former president, during a Facebook Live session on his page on Thursday, January 30, 2020, said he will pay depositors whose investments have been locked up following the banking sector cleanup undertaken by the Akufo-Addo government.

The NDC leader opined that “…We believe that we do owe depositors.”

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When I come into government, we will make sure we will pay depositors their monies within the shortest possible time,” Mr Mahama noted.

Ghana’s central bank, as part of efforts to restore confidence in the banking and specialized deposit-taking sectors, embarked on a clean-up exercise in August 2017 to resolve insolvent financial institutions whose continued existence posed risks to the interest of depositors.

The move saw about nine commercial banks, over 300 Microfinance companies, some 23 savings and loans institutions all go down from 2017 to 2019.

The Bank of Ghana, however, announced in August 2019 that it had completed its cleanup exercise of the banking and specialized deposit-taking (SDI), and non-banking financial institutions (NBFI) sectors.

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It was contained in a detailed statement issued by the central bank.

Below are some of the comments of Ghanaians on Facebook to John Mahama's promise of paying back locked up funds of depositors following the cleanup of the banking sector by the BoG.

Seth says he doubts if John Mahama will win 2020.

Edward intimated that the NDC flagbearer is saying so because he wants to win political power.

Emmanuel says Mahama should find a proper campaign message and stop the propaganda.

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Jojo described the former president as corrupt.

Akwasi is asking what Mahama did while in power when some microfinance companies collapsed.

Read more of the comments from below; earlier reported that fuel prices are expected to go down marginally between 2 and 4%, sources at the National Petroleum Authority have revealed.

The new prices are to take effect from Saturday, February 1, 2020.

The development is a result of a significant reduction in the world price of Brent Crude.

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