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General News Fri, 31 Jan 2020

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Banking crisis: I will pay depositors if I win – Mahama

Former President John Mahama has promised to pay depositors whose investments have been locked up following the banking crisis undertaken by the Akufo-Addo government.

“…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,” Mr Mahama said during his second Facebook live video on Thursday.

Mr. Mahama also reiterated his position that the government rushed with the takeovers.

“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.”

Bank of Ghana on Friday, 16th August, 2019, revoked the licenses of 23 savings and loans companies.

This follows a similar action a year ago when the regulator in 2018 ordered a purchase and assumption agreement that saw GCB Bank subsumed UT and Capital Banks. Five other banks were closed down completely in their stead, forming Consolidated Bank Ghana.

Source: Starr FM

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