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Business News Wed, 29 Jul 2020

The 82 licensed financial institutions that collapsed under Mahama’s watch – Bawumia lists

Vice President Dr. Mahamudu Bawumia has enumerated some 82 licensed financial institutions that collapsed due to what he terms as former President John Dramani Mahama’s remarkable ineptitude.

In a post on his official Facebook page, Dr. Bawumia mentioned that Mr. Mahama’s track record as president stinks hence has no moral right to poohpooh the achievements of President Akufo-Addo.

“The choice Ghanaians face on December 7th is between John Mahama and Nana Addo Dankwa Akufo-Addo.” He stated. “Thankfully, both of them have records. John Mahama was Vice-President and President for 8 years and Nana Akufo-Addo has been the president for three-and-a-half years. It is not about what you say in opposition. It is about what you did in government.”

“John Mahama presided over a mismanaged and collapsing financial system. 82 licensed financial institutions (listed below) collapsed under JM’s watch (were they deliberately collapsed by his government?) and the depositors were not paid (sic).”

“Nana Akufo-Addo, on the other hand, has rescued the financial system and spent some GH¢21 billion to save the deposits of 4.6 million depositors who would otherwise have lost their savings. DKM depositors will also be paid,” Bawumia added.

As part of its efforts to restore confidence in the banking and specialized deposit-taking sectors, the Bank of Ghana (BoG) embarked on a clean-up exercise in August 2017 to resolve insolvent financial institutions whose continued existence posed risks to the interest of depositors.

According to Finance Minister Ken Ofori-Atta during a presentation of the mid-year budget review, the government of Ghana spent an amount of GH¢13.6 billion in the first quarter of 2020 as a result of the financial sector clean-up exercise undertaken by the central bank.

He said the amount, representing 3.5 percent of Gross Domestic Product (GDP), was spent on the resolution of failed and insolvent banks.



Below is the list as presented by Dr. Bawumia:

Agapet Microfinance Limited

Antcave Microfinance Limited

Apex Microfinance Limited

Atwiman Microfinance Company Limited

Bees Microfinance Limited

Cedar House Microfinance Services Limited

Central Capital Microfinance Limited

Charles Noble Microfinance Limited

Citiville Microfinance Limited

City Trust Microfinance Limited

Coastal Link Microfinance Limited

Diamond Winners Microfinance Limited

Dkm Diamond Microfinance Limited

Duapa Trust Microfinance Limited

Ego Vision Microfinance Limited

Ezi Access Microfinance Limited

F.H. & C Microfinance Limited

Fast Money Microfinance Limited

First Unity Microfinance Limited

Ganyo Microfinance Limited

Genesis Seed Microfinance Limited

Global Standard Microfinance Limited

Glow Microfinance Limited

Golden Life Microfinance Limited

Growth Champions Microfinance Limited

Growth Pole Money Lending Limited

Ideal Way Microfinance Services Limited

Images Microfinance Limited

Jastar Money Lending Services Limited

J’cobs Microfinance Limited

Jubilee Microfinance Limited

Kab Microfinance Limited

Kb Star Microfinance Company Limited

Kwabef Microfinance Limited

Look-Ahead Microfinance Limited

Magnet Microfinance Limited

Mckeown Microfinance Limited

Medal Credit Microfinance Limited

Medlorm Microfinance Limited

Money Home Microfinance Limited

Money Link Microfinance Limited

Mothers’ Microfinance Limited

My Hope Microfinance Limited

New Dawn Microfinance Limited

Opportunity Global Links Microfinance Limited

Orion Money Lending Limited

Paxman Microfinance Limited

Pendy-Glo Microfinance Limited

Promise Microfinance Limited

Protege Microfinance Limited

Pryme Hedge Microfinance Limited

Quick Loans Microfinance Limited

Reach Microfinance Limited

Reemalex Microfinace Services Limited

Rejoice Microfinance Limited

Rimda Microfinance Limited

Royal Kingdom Microfinance Ltd

Sab Trust Microfinance Limited

Safe Credit Microfinance Limited

Seab Microfinance Limited

Sharp Vision Microfinance Limited

Shine Credit Microfinance Limited

Sika Dwa Microfinance Limited

Silison Microfinance Limited

Silver Microfinance Limited

Skii Credit Microfinance Limited

Softbiz Microfinance Limited

Sp Microfinance Limited

Spark Trust Microfinance Limited

Sufficiency Microfinance Limited

Swift Trust Microfinance Limited

Synthesis Microfinance Limited

The Lord Is Peace Microfinance Limited

Time-First Microfinance Limited

Topnet Microfinance Limited

Trust Jesus Microfinance Limited

Tts Microfinance Services Limited

Ultimate Focus Microfinance Limited

Uni Cash Microfinance Limited

Vanliz Microfinance Services Limited

Western Microfinance Limited

Xpress Link Microfinance Company Limited
Source: www.ghanaweb.com
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