Former President John Mahama in 2016 openly admitted that the banking sector under his watch was crumbling due to poor supervision from the Bank of Ghana.
In his State of the Nation Address (SONA) in 2016, he told Members of Parliament (MPs) bluntly about how poor supervision was adversely affecting the survival of some microfinance companies.
An excerpt from his address reads “Mr Speaker, over the past five years, there has been a proliferation of microfinance companies. These companies come under the direct supervision of the Bank of Ghana.
“Unfortunately, lack of effective supervision has resulted in many cases in which microfinance companies licensed by Bank of Ghana have breached the rules and created supposed pyramid schemes that have eventually come crashing down.”
Dr Abdul-Nashiru Issahaku was the Governor of the Bank of Ghana in 2016.
He was appointed to serve in that capacity in 2016 by former President Mahama, replacing then Governor, Dr Henry Kofi Wampah who went on retirement unceremoniously.
Dr Issahaku prior to his appointment was the second deputy governor of the central bank from July 2013.
Interestingly, Mr. Mahama has condemned the President Akufo-Addo government for “supervising” the collapse of Ghanaian-owned financial institutions in the name of clean up.
According to him, the current government had much better options available than to collapse more than 400 financial institutions since the Akufo-Addo government took over in January 2017.
“There is a lot the government could have done,” he said.
But Government insists those institutions were already in their comatose state when it took over in 2016 due to the poor supervision from the Dr Abdul-Nashiru Issahaku-led Bank of Ghana.
Most of the financial institutions could not honour their obligations to their clients, creating panic withdrawals.
Source: Daily Guide
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Peace FM,stop this your plan of putting Mahama in an awkward position. If you read what he said it is obvious that he identified the challenge,lack of supervision, and tried to address that by changing then governor(Kofi Wampah) in 2016(an election year) and bringing Issahaku on board. That's a good leadership skill. Then unfortunately he lost power in that same year. Then Opana came and brought up new regulatory policies of which the increasing banking institutions could not meet and he (Opana) by those policies collapsed these institutions. Please and please, never tried to put things on your website to degrade Mahama. It won't help. Some of us are not kids as others with regard to interpretation of issues.
Tweeaaah you guys are not smart at all. Under which government did the banks collapse? You're now struggling so hard to put it on Mahama? Oh no.Daily guide and other sponsored tyrant are nuisance to our country now. And I thank God that they'll continue to be in the ***barred word*** club till thy kingdom comes
he is the very same person turning around to blame the current government even Bawumia cautioned the ndc government about the possible collapse of the banks in 2015, ndc would always be exposed of their evil deeds
SO NOW WHO COLLAPSE THE BANKS IS IT MAHAMA OR AKUFFO ADDO ? UNDER WHOSE TERM DID THE BANKS COLLLAPSE.ASEM SEBE
TOOOO MUCH BLAME GAME IN GHANA !!!!
Daily liesssss tweaaaaaaa