Mahama Vows to Revive Collapsed Banks After Fair Assessment

by Louisa Afful
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Former President John Dramani Mahama has vowed to breathe new life into the collapsed banks and financial institutions shuttered by the NPP administration, promising a thorough and impartial assessment to restore stability and hope to those affected. Mahama, the flag bearer of the opposition National Democratic Congress (NDC), made this announcement during a social media interaction with Ghanaians on Sunday, June 9, 2024.


Mahama emphasized that reviving these institutions is part of his strategy to address the high unemployment rate, which was exacerbated by the collapse of the banks. He urged Ghanaians to support him in the upcoming elections to make this vision a reality, asking the youth to maintain hope and faith in the power of their votes to bring about change.


“My dear youth, while I agree with your justifiable anger and disappointments, I urge you to keep hope alive. Have faith in God and the power of your thumb. Ghanaians are in search of hope, hope they can believe in! Hope with the assurance that Ghana will be reset onto the path of progress and prosperity,” Mahama stated.


He called on Ghanaians to vote for him and the NDC parliamentary candidates on December 7, 2024, promising to be a selfless, truthful, experienced, and visionary leader who would work with the people to build a country of shared growth and prosperity.


Mahama highlighted his commitment to repairing the damage done to Ghana’s economy and restoring trust in the financial sector. He assured that businessmen and women who were adversely affected by the government’s actions would see justice and restoration. “After a thorough and unbiased assessment, collapsed banks and financial institutions shall be restored. We will provide decent and well-paying jobs through my 24-hour economy initiative,” he declared.


He expressed his dismay at the current unemployment rate, which he described as unprecedented. The financial sector cleanup initiated by the government in 2017 led to the revocation of licenses for nine banks and over 370 financial institutions, including 15 savings and loans companies and eight finance houses. This exercise cost the state over GH¢21 billion and left thousands of employees and their dependents in turmoil.


Financial experts have argued that GH¢9 billion could have saved these banks and other financial institutions, underscoring the need for Mahama’s proposed unbiased assessment and restoration plan.


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