Former Ghanaian President and National Democratic Congress (NDC) flagbearer John Dramani Mahama has criticized the Akufo-Addo-Bawumia administration’s approach to the banking sector clean-up.
He described it as a hastily implemented response that needed more consideration.
During a meeting with Groupe Nduom’s management, Mahama expressed his concerns, who asked him to restore GN Bank’s license, which was revoked during the clean-up.
In a Facebook post following the meeting, Mahama stated, “I believe that this government’s action was a knee-jerk reaction to a situation that should have been addressed with reasonableness, level-headedness, and a calm disposition.”
He emphasized the importance of handling financial sector challenges carefully. He pointed out that previous clean-up exercises had successfully strengthened banks without causing widespread disruption, such as job losses and the erosion of public trust in the financial system.
“If elected, I pledge to provide a fair hearing to those affected by this operation and work towards restoring Indigenous banks, including GN Bank, to ensure they have a chance to thrive,” Mahama affirmed, underlining his commitment to supporting local businesses within the financial sector. His emphasis on fairness in dealing with the aftermath of the clean-up aims to reassure all stakeholders and restore trust in the system.
Mahama’s critique comes amid ongoing debates over the socio-economic impacts of the banking sector reforms implemented by the current Ghanaian government. Many question the effectiveness and fairness of the clean-up and its long-term implications for the financial sector and the economy at large.
