John Mahama promises to restore collapsed banks if he wins 2024 elections
John Dramani Mahama
The National Democratic Congress’ (NDC) flagbearer, John Dramani Mahama, has promised that if re-elected in the 2024 elections, he will restore banks that failed during the Akufo-Addo administration to their original owners after a “unbiased assessment”.
In a recent Facebook Live conversation, Mahama urged the youth to vote out the Akufo-Addo government and support the NDC in the upcoming elections.
He said, “Exercise your franchise by voting for me, John Mahama, on December 7th, and for the National Democratic Congress parliamentary candidate in your constituency.”
After a careful evaluation, he pledged to “repair the dangerous damage to our country’s economy and people” and to revive financial institutions and banks that had failed.
Through his 24-hour economy program, Mahama also promised to generate “decent and well-paying jobs”.
He expressed his disappointment with the current unemployment rate and urged the youth to “keep hope alive” and believe in a brighter future under NDC leadership. He assured that the NDC is committed to presenting a vision of progress and prosperity for Ghana in the 2024 election.
BACKGROUND
The Bank of Ghana liquidated ten banks owned by Ghanaian businessmen between 2017 and 2020. While seven other banks—The Sovereign Bank, The Beige Bank, Premium Bank, The Royal Bank, Heritage Bank, Construction Bank, and UniBank—had their licenses revoked and were combined under the Consolidated Bank Ghana, UT Bank and Capital Bank were acquired by GCB Bank. Furthermore, GN Bank, owned by Paa Kwesi Nduom, was reduced to a savings and loans company before failing.
The Bank of Baroda voluntarily left the banking system as a result of the changes, and six banks merged to establish 23 operational universal banks.
In addition, 53 fund management firms, 39 finance houses, and 347 microfinance organizations were shut down as part of the financial sector cleanup effort.
