Presidential candidate for the National Democratic Congress (NDC), John Mahama, has reaffirmed his commitment to revive collapsed banks and financial institutions if elected president in the December elections.
During his engagement with Ghanaians on June 9, on the theme ‘Mahama conversations’, the flagbearer said he plans to conduct an impartial evaluation, aimed at stabilizing the financial sector to rebuild public trust.
“After a thorough and unbiased assessment, collapsed banks and financial institutions shall be restored. We will provide decent and well-paying jobs through my 24-hour economy initiative,” he said.
Between mid-2017 and January 2020, the then Finance Minister, Ken Ofori-Atta, led the efforts to sanitize and reform the banking sector to ensure a more robust and resilient financial system.
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The banking sector clean-up exercise resulted in a reduced number of banks from 34 to 23. A total of 370 financial institutions, comprising 347 microfinance institutions, 15 savings and loans companies, and 8 finance houses, had their licenses revoked.
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Former president Mahama also promised to reset the country by restoring the economy.
“By resetting Ghana, I will repair the dangerous damage to our country’s economy and people. Businessmen and women who government apparatchiks have given raw deals will have their say and can be assured of restoration,” he said.
Ghana’s economy has been struggling to recover after the COVID-19 pandemic despite the government’s efforts to institute several measures. The challenges have forced Akufo-Addo’s administration to take other extreme measures such as reaching an agreement with external creditors on external debt restructuring under the IMF program.
