THE GOVERNMENT’s method of handling the banking sector crisis is unprofessional says former President John Dramani Mahama.
According to him, the government’s poor modus of dealing with the current challenges confronting the banking sector has resulted in panic among indigenous financial institutions.
He said “Akufo Addo’s administration’s predatory approach towards indigenous investors in the banking sector has created a panic run on the remaining surviving Ghanaian financial institutions.”
Speaking at the 9th National Delegates Congress organised by the National Democratic Congress (NDC) in Accra to elect new party executives, the former president was of the view that the inept handling of the banking crisis has led to the almost complete collapse of the local financial sector.
It would be recalled that last year, banks such as UT Bank and Capital Bank collapsed.
Similarly, Unibank, Beige Capital, Sovereign Bank, Royal Bank and Construction Bank were also merged this year to form the now Consolidated Bank of Ghana, following their inability to address the insolvency issue as required by the BoG.
Mr Mahama further argued that the incident had gravely affected small and medium scale enterprises leading to significant job losses.
The banking crisis, interestingly, started under the Mahama administration but the issue was swept under the carpet by officials appointed by the former president at the apex bank, Bank of Ghana.
His brother, Ibrahim Mahama was also a factor in the collapse of the banks particularly the UT Bank where he was indebted to the bank to the tune of over GH¢300million. Ibrahim was also a factor in the collapse of the Merchant Bank.
The Receivers of UT Bank have therefore dragged him to court to recover the unpaid huge sums of loan advanced to him for his cement factory and other related businesses.
Source: Daily Guide
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
look at this ediot aren't you ashamed of some of the things you have been saying? when you were the brain behind all these mess, you and your brother has collapse most of the banks which he still owes them. Ghanaians should be careful about this hypocrite who is so ***barred word***, corrupt and a cr1minally minded guy. indeed, John Mahama is a big baggage for ndc to carry nothing good comes from him very hollow minded
Yoo, we hear you. So now tell us, what new policies you have for us. You lacked the balls to take certain bold decisions because you thought it would affect your campaign. Look at the Galamsey issue and now the banking sector. We wouldn't be in this mess if you had done what was expected of you. You want us to vote for you again, why, you think we are ***barred word*** abi? If not that you are a greedy man then what else? Assembly man, MP, Minister, vice president, President. Ain't you ok with that. Are you the only one with sense to rule Ghana. Incompetent coward!
Can you let your brother pay up the debts he owes the banks and half of the problems would solved. please stop this cliche thing. after all the problem started with you.
Mahama you are very insane and arrogant. You caused this mess with your brother and corrupt appointees and turn to blame Nana Addo. You lose miserably in 2020 you can never never forget it for the rest of your life. Corrupt and incompetent man.
When Rawlings said the NDC members should "listen to themselves" he was directly talking to Mahama. If not for the fact that he often speaks under the influence of alcohol, Mahama would not be making some of those warped statements when he mounts such platforms. Such pathetic image of a president.
Aahhhh this man paaa!! You supervised the creation of all the mess in the banking sector and you turn to blame the one clearing your mess. How many banks have your brother collapsed so far? I don't blame you but the sort of freedom we have in Ghana that allow robbers like you walk free.