The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has said he will restore banking licences cancelled by the Bank of Ghana (BoG) if voted to be president in 2024.
Mahama said he will also give the opportunity for experience banking hands who were laid off “needlessly” to be employed in the financial sector.
In a bid to restore confidence in the banking and specialized deposit-taking sector, the Bank of Ghana embarked on a clean-up exercise in August 2017.
The BoG cancelled the licenses of UT Bank, Capital Bank, UniBank, Royal Bank, The Beige Bank, Sovereign Bank, The Construction Bank, Premium Bank and Heritage Bank as well as GN Bank.
The central bank said the move was aimed at ensuring the orderly exit of insolvent institutions to protect depositors’ funds and also ensure the safety and soundness of the banking sector which was in a state of distress.
But speaking in a post-election acceptance address on Monday (15 May), Mahama said “We will restore indigenous Ghanaian investments in the financial and banking sector and we’ll create a tiered banking sector that will serve various segments of the market. We will give the opportunity for experience banking hands who were laid off needlessly to secure their careers once more and move away from the menial jobs that they were compelled to take.”
“As far as practicable the banking licenses that were unjustly cancelled by this government will be restored,” Mahama added.
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