It’s unreasonable to pay all locked up funds – Financial analyst to Mahama

A financial analyst Benedict Gibson says the promise by former President John Mahama to pay all outstanding funds of customers who were affected by the collapsed of financial institutions is unreasonable.

According to him, such a promise appears to overlook the alleged infractions by the owners of the collapsed institutions.

Mr Mahama during the outdooring of his runningmate in Accra Monday promised to pay all customers who are still struggling to retrieve their monies from the receiver.

“I pledge on behalf of the NDC that we shall pay within one year all who have funds locked up with the collapsed financial institutions. Within one year. I promise! We shall not put up any long-term payment plans that will further worsen the living conditions of the victims,” Mr Mahama said.

Commenting on the promise, Mr Gibson told Francis Abban on the Morning Starr that the former President should not be giving such assurances.

“The subject matter of paying people isn’t something we should be talking about now. I’m not saying the promise can or can not work. The person who is making the promise can forget anything that has to do with social development and focus on paying people their money. Government can pay some but government can’t pay all. I don’t think it is a reasonable thing for any government to do that (pay all customers),” he said.

Mahama’s promises so far

The involvement of women in the decision-making process will not end at the level of Vice President. We will work towards the attainment of a minimum of 30% of all appointments going to women.

We will implement a set of robust health policies and plans aimed at aggressively tackling and reducing maternal mortality by half from the current 319 per 100,000 live births.

We shall ensure female socio-economic empowerment, enact the Spousal Rights Law, establish exclusive and secured shelters for abused women and children, and provide opportunities for all.

As a Social Democratic Party, we seek to harness the best qualities in all our people to transform the destiny of our nation. In that direction, and as the fulcrum around which our Health Policy will evolve, we will before the end of 2021, introduce and begin the implementation of a Free Primary Health Care Plan. This will make the provision of primary health care to all Ghanaians, young and elderly, FREE. Our free health care plan will guarantee a healthy people and provide the healthy workforce needed to accelerate our development.

I pledge on behalf of the NDC that we shall pay within one year all who have funds locked up with the collapsed financial institutions. Within one year. I promise! We shall not put up any long-term payment plans that will further worsen the living conditions of the victims.

As has been introduced in other economies, the next NDC Administration will establish a Financial Services Authority that will be responsible for ensuring that consumer financial markets work for consumers, providers and the economy as a whole.” The Authority will oversee all financial products and services that are offered to consumers, and will effectively and efficiently prevent and stop the challenges that have confronted customers of Menzgold, DKM among others.

We will restore Ghanaian indigenous investment in the banking and financial sector through a tiered banking structure in order to restore viable credit sources for Ghanaian SMEs. We will make amends for those whose businesses were collapsed due to political victimization.

We will send all contractors with valid contracts who have been sitting at home for 4 years without being paid for legitimate work done for government back to site. We will make immediate arrangements to pay them their hard-earned monies deliberately with held by the Nana Addo administration due to politics.

We will build a peaceful, secure and strong economy that provides sustainable jobs through a transformed, industrialised and digital economy.

We will reinforce the independence of state institutions such as the Electoral Commission, Auditor General’s Department, EOCO and CHRAJ.

Single sourced procurement – sole sourcing – will be an exception not the rule. In pursuance of social justice, I will vigorously push through a constitutional review that creates a fairer and just emoluments system and removes the distortions between Article 71 Office-holders and other public sector employees.

We will as part of an Integrity for Development action plan, launch “Operation Sting.” Operation Sting is an anti-corruption crusade, which under my watch will involve massive, far reaching and practical governmental reforms. It will be ruthless against all corrupt political appointees and public sector workers. It will be a requirement for all who serve in my Government to publish their assets declaration and have same audited by the Auditor General.

Of course, the elephantine-size government of 125 ministers we have been burdened with for four years will be reduced drastically. The savings made from emoluments of reduced number of ministers and the privileges they enjoy will be channelled towards paying Assembly Members to perform the function of collecting accurate births and deaths information in their various electoral areas.

Our plans include an aggressive job and entrepreneurial programme in the public and private sector; that will deliver a minimum 250,000 jobs every year. A total of 1,000,000 jobs across the country by the end of my term in office in 2024. We will put Ghanaians to work to earn a decent living.