Former President John Mahama has criticised government for choosing a chaotic path in addressing the challenges in the financial sector.
According to him, the state could have explored alternatives that could have reduced the burden and despondency that have afflicted customers and employees of financial institutions.
In his maiden live Facebook encounter, Mr. Mahama said a future NDC government will create systems that will continue to monitor and provide timely support for struggling financial institutions instead of collapsing them.
“Was the revocation the best option at this circumstance or there was no option? Our central bank chose the chaotic situation with accompanying huge debt where the government has no clue on how to clear it. Revocation of licenses would have been the last resort and not the first resort. No country is immune to crisis in the financial sector,”” he said.
Mr. Mahama also called on the government to lift the veil on the beneficial owners of the Ghana Amalgamated Trust.
Bank of Ghana on Friday, 16th August, 2019, revoked the licenses of 23 savings and loans companies.
This follows a similar action a year ago when the regulator in 2018 ordered a purchase and assumption agreement that saw GCB Bank subsumed UT and Capital Banks. Five other banks were closed down completely in their stead, forming Consolidated Bank Ghana.
Source: Ghana/Starrfm.com.gh/103.5FM
