11.11.2020 Politics

Collapsing Banks Akufo-Addo’s Biggest Mistake – Mahama

Collapsing Banks Akufo-Addo’s Biggest Mistake – Mahama
LISTEN NOV 11, 2020

Former President John Mahama has described the collapse of some banks by the Akufo-Addo government as one of the major mistakes of the administration.

According to him, the closure of the nine banks has been unbearable for customers and companies that did business with them.

Some nine banks were shut down by the Bank of Ghana in 2018 over insolvency issues.

Speaking to Kumasi-based Abusua FM, the NDC flagbearer said it is not prudent for government to spend GHC22 billion on the banking crisis when the banks needed GHC9 billion to resolve their insolvency challenges.

“Collapsing banks is one of the government’s biggest mistakes. For many people, their life savings have been locked up. So economic activities have become difficult since their monies are locked up. Some have lost their wives, some have lost their vehicles, some have died.

“That collapse of banks was a huge mistake. All the banks needed was GHC9 billion so why would you resolve the challenge with GHC22 billion? if Ghana was your company would you do that? the sad truth is that the government of Ghana is broke,” Mr Mahama said.


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