Mahama should shut up on banking crisis - Buabeng Asamoah

The Communication Director of the governing New Patriotic Party (NPP), Hon. Yaw Buaben Asamoah has called on the former President, John Dramani Mahama to shut up over the current banking sector crisis.

According to the Adentan MP, the Mahama administration led to the collapse of 386 insolvent microfinance and microcredit companies.

He suggests that the collapse of the banks can be traced to his era as the President of the Republic.

"Mahama and former Governors of the Bank of Ghana were responsible for the collapse of the Banks, but he has no shame and is now criticizing Akufo-Addo over the banking crisis,” Yaw Buaben Asamoah exclusively told Kwame Tutu on Anopa Nkomo on Accra based Kingdom FM 107.7.

"President Akufo-Addo and Bank of Ghana are now on track in restoring confidence in the banking sector.”

The Bank of Ghana has finally stopped operations of insolvent savings and loans companies, with renowned ones including GN Savings and Loans, and Ideal Finance being part of the 23 banks whose licenses have been revoked.

The other banks affected by this move include Women’s World Bank Savings and Loans, Unicredit Savings and Loans Ltd, Global Access Savings and Loans Company Ltd, Accent Financial Services Ltd, Midland Savings and Loans Company Ltd, First Allied Savings and Loans Co. limited, among others.

According to him, the Central Bank’s decision to revoke the licenses of previous defunct banks were in the right direction, urging the Central Bank to address the weaknesses in the banking sector.