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I’ll pay all customers of collapsed financial firms within a year in office – Mahama

Former President John Mahama says a future NDC government will within one year pay all customers whose investment have been locked up as a result of the financial sector cleanup undertaken by government.

“We will Within one year of being in office pay customers of the collapsed financial institutions all funds locked up. We shall not put together any long plan that will delay the payment,” Mahama stated at the outdooring of his running mate Professor Jane Naana Opoku-Agyemang in Accra.

The Bank of Ghana (BoG) in 2017 embarked on a comprehensive reform agenda to strengthen the regulatory and supervisory framework for a more resilient banking sector.

While some banks had their licences revoked, others have been merged for their inability to raise the new 400 million-cedi minimum capital requirement as of December 31, 2018.

For other banks, the central bank revealed acquired their licences fraudulently and through the use of non-existent capital.

In the midst of the revocation of licenses and the collapse of these banks, the government established the Consolidated Bank of Ghana in which assets and liabilities of seven collapsed banks were transferred.

BoG establishes Consolidated Bank for 5 distressed banks
In all, seven banks- UniBank, The Sovereign Bank, The Beige Bank, Premium Bank, The Royal Bank and Heritage Bank, have been consolidated.

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