Banking Crises: NPP govt kills Ghanaians’ saving spirit – PPP Flagbearer

Presidential Candidate of the Progressive People’s Party (PPP), Madam Brigitte Dzogbenuku, is sad about the way the government of the New Patriotic Party (NPP) has handled the banking and other financial issues in the country that led to huge job losers.

To her, the banking sector clean-up embarked upon by the Bank of Ghana (BoG) has damped the spirit of the Ghanaian workers and their dependents, who lost their livelihood as a result of the haphazard exercise.

According to Madam Dzogbenuku, the exercise could have been done in a manner that would have save the numerous jobs loses that the country has witnessed.

“If there really is something wrong and you want to attack it, you must also look at it, that’s what good is in there. There are a lot of good in the banking sector. At least people were employed who were working and paying taxes. All these people now are at home, no jobs, no taxes and there are quite unhappy. You’ve killed their spirit,” the Flagbearer for PPP told in an exclusive interview.

The Bank of Ghana embarked on the banking sector clean-up, which witnessed the revocation of the licenses of a number of Ghanaian banks and other financial institutions.

The statement from the BoG said “the Bank of Ghana has with effect from today, completed the clean-up of the banking, Specialized Deposit-Taking (SDI), and Non-Bank Financial Institutions (NBFI) sectors which began in August 2017.”

The BoG further said it has revoked the licences of 9 universal banks, 347 microfinance companies, 39 microcredit companies, 15 savings and loans companies, eight finance house companies, and two non-bank institutions.

This led to job losses of some of the workers of these banks, microfinance companies among other financial institutions that were affected by the exercise in the country.

“So yes, you may have addressed one issue, with a blanket thing, but you’ve created another problem. And I am sure that it could have been addressed in a better manner than what was done,” Madam Dzogbenuku disclosed.

She opined that there was something wrong with exercise that let a lot of Ghanaians went home in tears. She said the banking sector clean-up could have been addressed better than the way the government went about it.

By: Isaac Dzidzoamenu

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