John Ankrah, the NDC Constituency Youth Organizer for the Odotobri Constituency in the Ashanti region, unequivocally stated, “I support President John Mahama’s promise to reinstate the collapsed banks based on an unbiased assessment,” in Ghana.
Here is the full content by John Ankrah:
The call by Dr. Paa Kwesi Nduom for the government to release his funds, totaling over Gh¢ 2 billion, and reinstate his banking license should be a concern to every Ghanaian.
It will interest you to know that the Akufo-Addo and Bawumia government collapsed nine (9) universal banks, fifteen (15) savings and loan companies, 347 microfinance companies, 39 microcredit companies, eight (8) finance houses, and two (2) non-bank financial institutions. This caused the country to spend over Gh¢ 2 billion, while less than Gh¢9 billion could have been used for recapitalization and liquidity support.
After spending this gargantuan amount of money on the banking sector cleanup exercise, led by H.E. Akufo-Addo and Dr. Bawumia, over 50% of customers from the affected savings and loans institutions, such as First Allied Savings and Loans, Noble Dream, GN Savings and Loans, etc., have still not received their funds.
Liquidity challenges are a normal issue in the financial sector, which may be caused by factors such as large deposit withdrawals by customers, an increase in non-performing loans, a decrease in profit, and investing in capital expenditure projects that take a long time to recover funds, like government projects. Therefore, it was unjustifiable for President Akufo-Addo and Dr. Bawumia to use liquidity challenges and not meeting the minimum capital requirements as reasons to collapse these financial institutions.
I was very excited when I heard from former President and the next President of the Republic of Ghana in 2025, H.E. John Dramani Mahama, that he will initiate a process to reinstate collapsed banks and savings and loans based on an unbiased assessment.
President John Dramani Mahama stressed the significance of this initiative in stabilizing the financial sector and restoring public confidence.
We must safeguard our banking sector devoid of hatred, as the prosperity of this country largely depends on the effectiveness and efficiency of our banking sector.
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