Banking sector clean-up was a ‘knee-jerk’ reaction by govt – Mahama

Flagbearer of the opposition National Democratic Congress (NDC), John Dramani Mahama has criticised the Akufo-Addo-Bawumia government’s handling of the banking sector clean-up, describing it as a ‘knee-jerk’ reaction.

He made this statement during a meeting with the management of Groupe Nduom, who presented a petition to him to restore the defunct Groupe Nduom (GN) Bank licence.

Mr. Mahama, speaking after receiving the petition promised to give a fair hearing to the victims of the operation when elected.

He acknowledged that every country’s banking and financial sector is part of its national security architecture, emphasising that the clean-up could have been done reasonably without affecting any party.

In a Facebook post, Mr. Mahama highlighted the impact of the bank closures on individuals and communities, underscoring his commitment to restoring them when elected.

He stated that the government’s approach was hasty and lacking in necessary considerations for the social impact.

Mr. Mahama has pledged to restore the licences of Indigenous banks, including GN Bank, and ensure they have a fair chance to thrive again.

He underscored the significance of supporting Indigenous businesses in the financial sector and ensuring they succeed.

“I believe that the action of this government was a knee-jerk reaction to a situation that should have been faced with reasonableness, level head, and a calm disposition.

“It’s not the first time we have done clean-up. We dealt with struggling banks, and the banks came out stronger than before. I think we are speaking on the same wave; I know some legal issues are outstanding.”

“But is something that we would be looking at before we come into office, and if by the votes of Ghanaian people and by the Grace of God we do come into office, you can expect that you will all get a sympathetic hearing, in trying to unravel what has unfortunately happened.”