I'll Pay All Customers Of Collapsed Financial Firms Within The First Year Of My Office — Mahama Promises

Former President John Mahama says the next NDC government will within one year in power pay all customers whose investment have been locked up as a result of the financial sector cleanup undertaken by the Akufo-Addo government.

“We will Within one year of being in office pay customers of the collapsed financial institutions all funds locked up. We shall not put together any long plan that will delay the payment,” Mahama stated at the outdooring of his running mate Professor Jane Naana Opoku-Agyemang in Accra.

The Bank of Ghana (BoG) in 2017 embarked on a comprehensive reform agenda to strengthen the regulatory and supervisory framework for a more resilient banking sector.

While some banks had their licences revoked, others have been merged for their inability to raise the new 400 million-cedi minimum capital requirement as of December 31, 2018.

For other banks, the central bank revealed acquired their licences fraudulently and through the use of non-existent capital.

In the midst of the revocation of licenses and the collapse of these banks, the government established the Consolidated Bank of Ghana in which assets and liabilities of seven collapsed banks were transferred.

---starrfmonline