Ex-president Mahama to pay all customers of collapsed banks if he wins election 2020

A former president of Ghana, John Mahama has assured all customers of the collapsed banks whose money has been locked that he will pay them if he is elected as president in 2020.

NDC flagbearer, John Mahama

Mr Mahama who is the presidential candidate of the biggest opposition party, the National Democratic Congress (NDC) said he will pay all the customers in full if he comes back again as president.

He said he will launch a comprehensive review of the cleanup exercise in the banking sector undertaken by the Bank of Ghana, in the event that he wins this year’s polls.

“To investors and researchers out there let me assure you that under my watch economic and financial data will not be massaged to present a rosier picture.”

“We shall restore dignity, credibility, and certainties in the economy and your investments will be secure.”

“We shall carry out a comprehensive review of the banking sector crisis, budget for and pay all depositors whose funds are locked up and are going through suffering. We shall pay you in full.”

The banking sector has in Ghana has undergone a cleanup since 2017.

In August 2017, the Bank of Ghana (BoG) revoked the licences of Capital and UT banks.

GCB Bank took over both firms.

In 2018, the licences of five banks were revoked and merged to form the Consolidated Bank Ghana Limited (CBG).

The cleanup led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loans companies, 8 finance house companies, and 2 non-bank financial institutions.

The Securities and Exchange Commission (SEC) also revoked the licenses of 53 Fund Management Companies.

It is estimated that the fiscal intervention of the state from 2017 to 2019 cost GHC16.4 billion.

The BoG said that after all the needed reforms, the industry will bounce back.

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