Former President John Dramani Mahama has criticized the Akufo-Addo administration for its execution of the financial sector cleanup.
He believes the government’s approach was hasty and failed to consider the social impact it would have.
During the cleanup, nine banks collapsed as part of the effort carried out by the Bank of Ghana (BoG) with support from the Finance Ministry.
The licenses of twenty-three savings and loan companies, including GN Savings and Loans, were revoked.
The banks affected include UT Bank, Capital Bank, UniBank, The Royal Bank, The Beige Bank, Sovereign Bank, The Construction Bank, Premium Bank, and Heritage Bank.
The flagbearer of the National Democratic Congress (NDC) expressed his deep concern about the issues surrounding the closure of banks during the cleanup exercise.
He stated that the closure of banks like GN Bank and UT Bank has significantly impacted not only the employees but also the communities they served.
In a Facebook post after the meeting, he said “I had the privilege of meeting with Dr Kwesi Ndoum and his team from GN Bank to receive their petition to restore their revoked banking license.
I have been very concerned about the issues surrounding the financial sector cleanup, and I appreciate the opportunity to hear directly from those affected.
I firmly believe in the importance of Indigenous participation in the financial sector.
“The closure of banks like GN Bank and UT Bank has had a significant impact on not only the employees but also the communities they served.
I have always maintained that the government’s approach to the banking sector cleanup was hasty and lacking in necessary considerations for the social impact it would have.
“It is essential for us to look at restoring the licenses of these indigenous banks and ensuring that they have a fair chance to thrive once again.
“If given the opportunity to serve the Ghanaian people once more, I will work to restore the capital of indigenous businesses in the financial sector and ensure that they are given a fair chance to succeed. I look forward to working towards a solution that benefits all involved.”
