Collapsed banks: Mahama will pay locked up cash in full if he wins 2020 polls – Sammy Gyamfi

A John Dramani Mahama government will pay depositors whose monies have been locked up following the banking sector cleanup in full.

This was made known by the Communications Officer of the opposition National Democratic Congress (NDC), Sammy Gyamfi at the NDC’s Weekly Press Briefing today, Monday, June 22, 2020.

“His Excellency John Dramani Mahama is committed to fixing the mess that has been created by the mild administration of President Akufo-Addo in all sectors of the nation and in all facets of our lives. He is committed to delivering transformational leadership needed to create prosperity and wealth for all.”

“As he has announced through his digital conversations with the nation in the last few months, [former] President Mahama when elected shall pay all customers of the collapsed financial institutions whose monies are locked up in full and restore indigenous Ghanaian participation in the financial sector,” he said.

Mr. Mahama had earlier promised that his government will refund depositors’ funds in the shortest possible time should he be elected president in the 2020 presidential polls.

“…We believe that we do owe depositors. When I come into government, we will make sure we will pay depositors their monies within the shortest possible time,” he said.

The financial sector cleanup commenced by the Akufo-Addo administration in August 2017 led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loans companies, eight finance house companies, and two non-bank financial institutions.”

Most recently, the Securities and Exchange Commission (SEC) announced the revocation of licenses of 53 Fund Management Companies.

The total estimated cost of the state’s fiscal intervention, excluding interest payments, from 2017 to 2019 was pegged at GHS16.4 billion.

The collapse of the institutions left clients in distress as many of the customers have been struggling to retrieve their savings and investments.

Source:Fiilafmonline/CitiNews