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Former President John Mahama pledged that following a “unbiased assessment,” all of the banks that the Akufo-Addo administration, under the ministerial direction and oversight of former Finance Minister Ken Ofori-Atta, collapsed would be returned to their owners.
The Bank of Ghana closed ten banks that belonged to Ghanaian businessmen between 2017 and 2020.
Through a purchase and assumption agreement, GCB Bank initially acquired UT Bank and Capital Bank.
The licenses of seven further banks were canceled and merged into Consolidated Bank Ghana: Sovereign Bank, Beige Bank, Premium Bank, Royal Bank, Heritage Bank, Construction Bank, and UniBank.
Paa Kwesi Nduom, a former presidential contender, also had his GN Bank downgraded to a savings and loans company before it failed.
Owing to the reforms in the banking industry, the Bank of Baroda voluntarily withdrew.
Six banks also combined.
First National Bank and GHL Bank Limited merged, as did First Atlantic Merchant Bank Limited and Energy Commercial Bank. Other mergers included OmniBank Ghana Limited and Bank Sahel Sahara Ghana merging into one.
There are now 23 operational universal banks in Ghana.
In addition, during the same financial sector clean-up operation, 39 finance houses, 53 fund management businesses, and 347 microfinance institutions failed.
In a recent Facebook Live talk, Mr. Mahama asked Ghanaians to vote out the Akufo-Addo administration and elect him as the country’s next president “exercise your franchise by voting for me, John Mahama, on 7th December and for the National Democratic Congress parliamentary candidate in your constituency,” noting: “As your selfless, truthful, experienced, and visionary leader, I need your vote to reset Ghana. I assure you I will work with you to build a country of shared growth and prosperity.”
Explaining what he meant by resetting Ghana, Mr Mahana said he stressed, “I will repair the dangerous damage to our country’s economy and people.”
He then promised: “Businessmen and women who government apparatchiks have given raw deals will have their say and can be assured of restoration.”
Specifically, Mr Mahama indicated: “After a thorough and unbiased assessment, collapsed banks and financial institutions shall be restored.”
Source: Ghanatodayonline.com
