Former President, John Dramani Mahama sceptical about government's 2020 timeline to pay back customers whose deposits were locked up following the clean-up exercise which led to several of the banks collapsed in the country.
He said it may even take the government more than a year to pay back the monies owed the depositors of these collapsed financial institutions.
President Akufo-Addo had assured that these customers will have their monies paid back to them in full.
But in a Facebook live engagement on Thursday, Mr. Mahama told the depositors to reconsider any thoughts of retrieving their cash because the government does not have the capacity to do as promised.
“The route government took on the banking sector was extreme and harsh and has created more harm. I think that the government took this [decision] too quickly. It has created a huge debt for the taxpayer. The President has said that he is going to pay depositors in full but that is not going to happen in 2020. Even if the government is going to pay that money, it is going to be spread over the next four years. So depositors can’t sit and think they are going to get their money.”
Mahama to pay depositors
Mr. Mahama who is also the presidential candidate for the opposition National Democratic Congress (NDC) promised that his government will refund depositors' funds in the shortest possible time.
“…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.