Former President John Mahama has said a future NDC government will restore the indigenous stake in the banking sector.
Speaking in his first Facebook live address, Mr. Mahama said the Akufo-Addo government has taken a chaotic approach in the banking sector clean up.
“The Policy Working Group on Finance and Economy that I set up recently is studying and analyzing the situation with a view to coming up with pragmatic steps that we can employ, not only to restore the confidence of our people in the banking system, but also ameliorate the suffering imposed on the customers and staff of these financial institutions caused by the poor handling of the crisis by this administration.”
“The group will also come up with plans for restoring the indigenous stake and participation in this all-important sector. We will consider ways to promote greater financial inclusion and innovation, and will consider setting up an appropriate vehicle to regulate microfinance and allied sectors in particular while developing the rural banking system and enhancing the role of the ARB-APEX Bank’s supervisory structure,” he said.
He further noted: “Was the revocation the best option at this circumstance or there was no option? Our central bank chose the chaotic situation with accompanying huge debt where the government has no clue on how to clear it. Revocation of licenses would have been the last resort and not the first resort. No country is immune to crisis in the financial sector,” he said”.
Bank of Ghana on Friday, 16th August 2019, revoked the licenses of 23 savings and loans companies.
This follows a similar action a year ago when the regulator in 2018 ordered a purchase and assumption agreement that saw GCB Bank subsumed UT and Capital Banks.
Five other banks were closed down completely in their stead, forming Consolidated Bank Ghana.
- NPP and NDC’s achievements that are confusing voters in decision making
- Election 2020: John Mahama or Nana Akufo-Addo?
- This is why Mahama is losing the 2020 elections
- Why President Nana Akufo-Addo will lose the 2020 General Elections to John Mahama easily
- Why John Mahama Would Win 2020 Elections
- The Death Of Atta Mills: Who bails the cat?
- Why one of these 3 would be John Mahama’s running mate
- Bank of Ghana introduces GH¢100, GH¢200 notes and GH¢2 coin
- We’re planning to ban rice importation by 2022 – MoFA
- Government announces strategic investor for Komenda Sugar Factory
- Government, Wienco rescue rice farmers
- BoG directs banks to publish salaries of top personnel
- Ghana Buffer Stock Company to sustain drive for consumption of local rice
- GSE signs agreement with Singapore Cooperation to transform its operations
- ‘Year of Return’ stimulates Ghana’s economic growth
- German investor to build cocoa processing plant in Suhum Ghana
- Dr Bawumia cuts sod for 30km Sinohydro Cape Coast inner city roads
- Rice importers withdraw ads from media house over local rice campaign
- Ghana to end rice importation in next five years – AGRA
- Govt agrees to increase ports tariffs
- Three auto firms to unveil locally assembled cars in 2020
- Ghana Gas’ demand of gas from Jubilee, TEN fields low – Tullow
- Cedi depreciation declines following strong macro-economic fundamentals – Ofori-Atta
- 2020 revenue target set at GHC67.1bn
- Most fund management companies were operating illegally – Joe Jackson
- Ghana signs $2.3bn concession for SkyTrain Project, first station to open in nine months
- Go to CBG for validation and payment – SEC to customers of Gold Coast, others
- Ghana now imports flowers from SA – Osafo Maafo laments high importation rate
- Kwahu Afram Plains South to get a cassava processing factory
- 347 dead MFIs: Receiver increases capped payments to GHS20K