From 2017 to 2020, the Bank of Ghana collapsed 10 banks owned by Ghanaian businesspeople.
UT Bank and Capital Bank were the first to be taken over by GCB Bank in a purchase and assumption agreement.
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 placed under the Consolidated Bank Ghana.
Former presidential candidate Paa Kwesi Nduom’s GN Bank was also downgraded to a savings and loans firm and later collapsed.
As a result of the banking sector reforms, the Bank of Baroda voluntarily folded up and exited.
Additionally, six banks merged.
First Atlantic Merchant Bank Limited and Energy Commercial Bank merged into one; OmniBank Ghana Limited and Bank Sahel Sahara Ghana merged; and First National Bank and GHL Bank Limited also merged.
Ghana now has 23 functional universal banks.
Furthermore, 347 microfinance institutions, 39 finance houses, and 53 fund management companies were collapsed in the same financial sector clean-up exercise.
Urging the youth to vote out the Akufo-Addo government and elect him as the next president in the upcoming elections, Mr. Mahama, in a recent Facebook Live conversation, encouraged Ghanaians to “exercise your franchise by voting for me, John Mahama, on December 7th, and for the National Democratic Congress parliamentary candidate in your constituency,” noting: “As your selfless, truthful, experienced, and visionary leader, I need your vote to reset Ghana. I assure you I will work with you to build a country of shared growth and prosperity.”
Explaining what he meant by resetting Ghana, Mr. Mahama stressed, “I will repair the dangerous damage to our country’s economy and people.”
He then promised, “Businessmen and women who have been given raw deals by government apparatchiks will have their say and can be assured of restoration.”
Specifically, Mr. Mahama indicated, “After a thorough and unbiased assessment, collapsed banks and financial institutions shall be restored.”
He also promised to “provide decent and well-paying jobs through my 24-hour economy initiative.”
“Let me be clear: I am utterly appalled and disappointed by the unprecedented unemployment rate we are seeing today,” Mr. Mahama emphasized.
To the youth, the NDC flagbearer said, “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.”
“Hope, knowing they can live in safe neighborhoods and earn a living if they study hard, work hard, and live as law-abiding citizens. This is what Ghanaians are yearning for, and this is precisely what the NDC and I are presenting to you in this election of 2024.”
