NDC Manifesto Launch: John Mahama promises to restore licenses of wrongfully collapsed banks

The flag bearer of the National Democratic Congress (NDC), John Dramani Mahama has promised to restore licenses of banks that were wrongfully collapsed.

Recall that in 2019, a total of 16 universal banks were collapsed as part of measures taken by the Bank of Ghana to cleanse the banking sector to make it more robust.

As a result of their incapacity to meet the new 400 million cedis minimum capital requirement as of December 31, 2018, several banks had their licenses revoked, while others were merged.

The central bank disclosed that certain banks obtained their licenses through deception and the utilization of non-existent funds.

The government founded the Consolidated Bank of Ghana, whereby the assets and liabilities of seven bankruptcies were transferred, in the midst of these banks’ collapse and license revocation.

Banks that were collapsed by the Bank of Ghana include  UT Bank, Capital Bank,  First Atlantic Merchant Bank Limited and Energy Commercial Bank, OmniBank Ghana Limited and Bank Sahel Sahara Ghana and First National Bank and GHL Bank Limited.

John Dramani Mahama has pledged to restore the licenses of these banks who were wrongfully collapsed in 2019. He made this promise during the official launch of the NDC manifesto held at Winneba.

“Reform the Bank of Ghana and rejuvenate the almost collapsed banking and financial sector. As far as practicable, banking licenses that this Government unjustly cancelled will be restored,” he said.

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