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The National Organizer of the ruling New Patriotic Party (NPP), Sammy Awuku says the analysis of the banking sector by the National Democratic Congress (NDC) reeks of “Xenophobia”.

According to him government decision to clean up the banking sector is a step in the right direction saying “if the financial sector collapsed, it will crash the economy completely”.

The Minority in Parliament on Tuesday criticized the government over the shutdown of 23 Savings and Loans Companies claiming the move is a travesty of justice.

They held a press conference to address  “some alleged misleading statements made by government officials” regarding the financial sector.

Reacting to the NDC’s stance on the issue, Mr. Awuku disputed the figures put out by the Minority about the banking sector.

According to the Minority, the government spent GHS 23 billion of taxpayers' money just to collapse financial institutions, create massive unemployment and turn entrepreneurs into idle hands but Mr. Awuku has refuted such claims.

Clarifying the issues, he said “it cost government 2.2b in the UT and Capital Bank, 7.6b in the Unibank and group 1.4b Heritage and Premium, 1.9b Microfinance and saving and Loans…So where from the GHs23b figures as presented at the NDC’s press conference…Such Xenophobic analysis by the NDC! How 13.1 billion jumped to GHs23b but am not surprise because now the least opportunity they get, they are in a haste to apportion blame…”

 Watch full interview below;