Adongo Dismisses Government’s GHC1.5 Billion Financial Sector Cleanup Bailout Promise as Political Gimmick

by Louisa Afful
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Isaac Adongo, Ranking Member of Parliament’s Finance Committee, has advised those affected by the government’s financial sector cleanup not to take the President’s promise of a bailout seriously.

The Finance Minister, Dr. Mohammed Amin Adam, announced at a Townhall meeting in London on June 22, 2024, that the government would release GHC1.5 billion between June and October to individuals who lost money due to the cleanup.However, speaking to journalists on June 26, 2024, Mr. Adongo called the announcement a political gimmick.

He recalled a similar promise made in 2020 before the general elections, which was never fulfilled, and noted that the current promise isn’t even included in the budget.“In 2021, the budget allocated GHC5.5 billion to pay off those affected, but not a single cedi was released,” Adongo said. He questioned how the promised amount has now been reduced to GHC1.5 billion without any payments being made previously.

Adongo also mentioned that previous budget allocations for these payments disappeared in subsequent budgets, casting further doubt on the current promise. He urged the public to be cautious and not rely on these political promises.

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