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Bank Closures Under Nana Addo and Bawumia's Administration a 'Daylight Robbery' - Sylvester A. Mensah

Sat, 26 Aug 2023 Source:

In a poignant address delivered at the Maiden Meeting of The Greater Accra TEIN Alumni of the National Democratic Congress (NDC) at The Zenith University College, Accra, a former member of Parliament for Dade-Kotopon, Sylvester A. Mensah, drew attention to the severe consequences of the bank closures that occurred during the tenure of the NPP government under Nana Addo and Bawumia.

Mr. Mensah's remarks shed light on the substantial financial and human toll that these closures have exacted on the Ghanaian populace. He emphasized, "While at it, we must never forget that it is the NPP under Nana Addo and Bawumia that our tax money was used to close down banks and other financial institutions without any consideration for the inherent loss of jobs, and unemployment implications of such a callous act."

The former MP went on to highlight the devastating effects of these closures, stating, "Now we know that the cost of such bank closures has been more than the amount required to recapitalize the banks to secure the employment of our fellow citizens and possibly allow the state to take equity in affected banks." He underlined the fact that not only were livelihoods compromised, but lives were also tragically lost, while others were plunged into poverty and hunger due to the government's decisions.

Mensah's speech was rife with strong language, as he criticized the NPP government for its alleged recklessness and lack of consideration for the well-being of Ghanaian citizens. He stated, "Comrades, and friends, our tax money was weaponized, and used to kill the hopes, dreams, and aspirations of thousands of hardworking and decent Ghanaians who were directly and indirectly affected by the recklessness of the NPP government and the Bank of Ghana."

The former MP accused the Nana Addo and Bawumia administration of prioritizing greed, political vindictiveness, nepotism, and cronyism over the welfare of the people. He alleged that the bank closures were part of a larger pattern of "looting of national resources through an orchestrated daylight robbery," where significant sums were used to collapse financial institutions. Mensah claimed that this was at the expense of opportunities for job creation and economic growth.

In his closing words, Mr. Mensah left his audience with a sobering reflection on the state of the nation's economy under the NPP government. He argued, "Colleagues, it goes without saying that under the Nana Addo and Bawumia government, our collective well-being has been sacrificed on the altar of greed, political vindictiveness, nepotism, cronyism, and what is obviously looting of national resources through an orchestrated daylight robbery, where over GHC21 billion has been used to collapse Commercial Banks and other financial institutions which otherwise required less than GHC10 billion to sustain businesses, maintain thousands of jobs with opportunities for thousands of new recruitments."

In this passionate address, Sylvester A. Mensah unreservedly criticized the policies and decisions that led to the collapse of banks and financial institutions, painting a stark picture of the social and economic consequences borne by the Ghanaian people. His words serve as a reminder of the complex and far-reaching impacts of policy decisions on a nation's citizenry.

Watch it Here!