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General News Thu, 29 Aug 2019

Mahama 'clueless' about the banking sector - Bawumia

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Vice President, Dr Mahamudu Bawumia has ‘called out’ Former president Mahama’s ignorance as far as issues regarding the banking sector are concerned.

His comment comes after Mahama in a Facebook live interaction with Ghanaians said the revocation of license and the insolvency of banks this year is a national threat.

According to Bawumia, the set up of a committee by the former President to study and analyse the current economic situation and give pragmatic steps makes it obvious he has a little understanding on the banking sector.

He said " Has the former president not taken the trouble to learn from the experiences of countries all over the world in financial crisis management? Obviously not! Hence his admission that he has set up a policy working group on finance and economy that is now studying and analysing the situation with a view to coming up pragmatic steps".

Dr Bawumia added that the NDC has nothing useful to offer Ghanaians.

The Vice President stated that government's financial interventions in the cleanup exercise is necessary to mitigate the socioeconomic impacts of the relevant financial institutions.

He added that, "Government's actions have restored confidence in the banking system as customers of the defunct deposit taking institutions continue to access their funds without difficulty. Through the government's interventions, deposits held by some 4,629,029 depositors have been saved as well as over 3,000 jobs saved".

"The Former President will like Ghanaians to believe that he knows how to stabilize the banking sector but he kept banks in the comatose state until they died instead of allowing the regulator to do its work independently as required by the law to administer the prompt interventions that were needed to ensure that the banks recovered".

"The BOG under the current leadership has shown courage by taking the bull by the horn and dealing decisively with the problems created under the government of John Mahama to avert the collapse of the entire system"

Dr Bawumia made these remarks at the official launch of the 100,000 affordable housing project at Amasaman in Accra on Wednesday, August 28, 2019.

Source: www.ghanaweb.com
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