Failed Banks: Mahama will follow due process to assess whether they were justifiably collapsed or not – Adongo

Bolgatanga Central MP Isaac Adongo has stated that the Mahama administration will follow due process to determine whether some banks that shut down during the 2017-2020 financial sector clean-up were unjustifiably collapsed. The BoG will oversee this assessment.

The clean-up, led by former Finance Minister Ken Ofori-Atta, reduced banks from 34 to 23, while 347 microfinance institutions, 15 savings and loans companies, and 8 finance houses lost their licenses.

During the 2016 campaign, John Mahama promised to restore licenses of wrongly collapsed banks and implement reforms to stabilize the economy. He also vowed to rationalize port fees and strengthen the cedi. These commitments were reiterated at the NDC manifesto launch in Winneba on August 24.