Based on last Monday, 22nd June 2020 Press Briefing normally organized weekly Mahama’s government will pay customers of defunct financial institutions all monies owed them as result of Bank of Ghana’s s clean up exercise which started in 2017 if voted back into office come 7 December 2020.

Former President, John Mahama

The National Communications Officer, Sammy Gyamfi addressing the media said President Akufo-Addo has failed Ghanaians on so many fronts and this aspect is not an exception.

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“John Mahama is committed to fixing the mess that has been created by the maladministration of the Akufo-Addo government in all sectors of the nation and deliver the transformational leadership that is needed to create prosperity and wealth for all Ghanaians. As he has announced through his digital conversations with the nation in the last few months, former President Mahama when elected shall pay all customers of the collapsed financial institutions whose monies are locked-up in full and restore indigenous Ghanaian participation in the financial sector”, says Sammy Gyamfi.

National Communications Officer, NDC

The Akufo-Addo administration initiated a financial sector clean up in August 2017 which led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings, and loans companies, eight finance house companies, and two non-bank financial institutions.

Taking a retrospective effect in August 2017, 9 universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loan companies, eight finance house companies, and two non-bank financial institutions got collapsed as a result of Bank of Ghana clean up exercise.

In 2019, the Securities and Exchange Commission (SEC) announced the revocation of 53

Another 53 Fund Management Companies licenses were revoked by the Securities and Exchange Commission (SEC) in 2019 as a result of their inability to fulfill their financial obligations to their customers, financial mismanagement, and other factors that were also not in the interest of customers. Since then only some minimal number of customers have either been paid fully or partially and some no payments have been received.

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