John Mahama promises to restore collapsed banks if he wins 2024 elections

John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), has pledged to return banks collapsed under the Akufo-Addo administration to their original owners following an “unbiased assessment” if re-elected in the 2024 elections.

In a recent Facebook Live conversation, Mahama urged the youth to vote out the Akufo-Addo government and support the NDC in the upcoming elections.

He stated, “Exercise your franchise by voting for me, John Mahama, on December 7th, and for the National Democratic Congress parliamentary candidate in your constituency.”

He promised to “repair the dangerous damage to our country’s economy and people” and to restore collapsed banks and financial institutions after a thorough assessment.

Mahama also pledged to create “decent and well-paying jobs” through his 24-hour economy initiative.

He expressed his disappointment with the current unemployment rate and urged the youth to “keep hope alive” and believe in a brighter future under NDC leadership. He assured that the NDC is committed to presenting a vision of progress and prosperity for Ghana in the 2024 election.

From 2017 to 2020, the Bank of Ghana closed 10 banks owned by Ghanaian businesspeople. UT Bank and Capital Bank were taken over by GCB Bank, while seven others—The Sovereign Bank, The Beige Bank, Premium Bank, The Royal Bank, Heritage Bank, Construction Bank, and UniBank—had their licenses revoked and were consolidated under the Consolidated Bank Ghana. Additionally, Paa Kwesi Nduom’s GN Bank was downgraded to a savings and loans firm and later collapsed.

The banking sector reforms also saw the voluntary exit of the Bank of Baroda and the merger of six banks, resulting in 23 functional universal banks.

Moreover, 347 microfinance institutions, 39 finance houses, and 53 fund management companies were also closed during the financial sector clean-up exercise.