Mahama Pledges To Reinstate Collapsed Banks And Financial Institutions

Mahama Pledges To Reinstate Collapsed Banks And Financial Institutions

  • The National Democratic Congress flagbearer, John Mahama, says he will revive collapsed banks and financial institutions if he becomes president
  • He said the revival of these banks would create many job opportunities and stimulate the Ghanaian economy
  • However, the revival of these financial institutions will come after a comprehensive and unbiased assessment of the institutions

The National Democratic Congress flagbearer, John Dramani Mahama, has announced his intention to revive collapsed banks and financial institutions if elected president after the December 7 polls.

He said that the resuscitation of these financial institutions will follow a comprehensive and unbiased assessment of the institutions and their viability in the long run.

Mahama Pledges To Reinstate Collapsed Banks And Financial Institutions
Mahama says the institute will be assessed for its viability. Source: Citinewsroom
Source: Getty Images

He noted that the initiative was part of his planned efforts to stabilise Ghana’s financial sector and restore public confidence following the 2017 financial sector clean-up.

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He said the high unemployment rate in the country is a direct result of the ailing Ghanaian economy, and should Ghanaians vote for him, he will do everything in his power to restore the country’s economy and provide jobs.

He believes reviving these financial institutions would stimulate the economy and create jobs and development.

John Mahama begs multinational companies to tarry a bit longer

John Dramani Mahama has also urged multinational companies to stay in the country.

He was reacting to the sudden flight of several multinationals from the country beginning in 2022 till date.

Most of these multinationals cited the country's poor economic situation, high taxes, and other regulatory issues as reasons for exiting the Ghanaian market.

According to the former president, the exit of these multinationals would negatively impact the economy through reduced employment opportunities and lower tax revenues.

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Speaking at the 8th Ghana CEO Summit in Accra on May 27, 2024, John Mahama noted that the issue is further exacerbated by the country's ballooning debt levels, which currently stand at a staggering GH₵658.6 billion.

The former president blamed the prevailing unfavourable business climate on the economic mismanagement of the ruling New Patriotic Party (NPP) government.

Dr Nduom demands the return of his bank licence

YEN.com.gh reported that the Global Chairman of one of the collapsed banks, Groupe Nduom, Dr Paa Kwesi Nduom, has begun a nationwide tour of defunct GN Bank offices as part of a campaign to revitalise the bank.

The campaign, dubbed “BringBackGNBank,” will see Dr Nduom visit all 300 shutdown GN Bank branches across the country to inspect the state of facilities, engage with customers, and reveal to them his plans to restore the bank.

The campaign began in the Central Region on Sunday, May 26, 2024, with a visit to old offices in Kasoa Amanfrom, Awutu Breku, Afranse, Gomoa Potsin, Mankessim, Biriwa, Cape Coast and Takoradi, among others.

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Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh

Source: YEN.com.gh

Authors:
Cornerlis Affre avatar

Cornerlis Affre (CA and Politics Editor) Cornerlis Kweku Affre is at present a Current Affairs Editor at Yen.com. He covers politics, business, and other current affairs. He has worked in various roles in the media space for at least 5 years. You can reach out to him at cornerlis.affre@yen.com.gh

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