Source: newsthemegh.com
How the Akufo-Addo administration spent GHC25 billion to address a GHC4 billion banking sector issue continues to elude former president John Mahama.
Mr. Mahama stated he thinks there was malice behind the state-sponsored failure of the majority of the nine local banks in the exercise while speaking at the 7th Ghana CEOs Summit and Expo in Accra.
Mr. Mahama stated, “I still do not comprehend why a GH4 billion problem was made to cost the taxpayers GH25 billion.”
“These banks were required to raise GHS400 million in capital, and if there were even ten of them, that would be GHS4 billion, but with the closure of banks, we incurred a public debt of GHS25 billion guaranteeing depositors’ accounts.”
Indeed, there was no issue for some of these banks. He said that it was only about politics or a personal grudge.
He gave the example that “one bank was closed solely because its principal shareholder was under investigation for corruption in a case involving a state enterprise.”
“We must foster an environment where businesses are permitted to expand regardless of their political, ethnic, or other coloration,” he stated.