Revealed: John Mahama & NDC’s mess in financial sector led to collapse of Banks

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The National Democratic Congress complete failure in the financial sector has been exposed at a time when the opposition party is compare records with the Akufo-Addo Administration.

The NDC led by its flagbearer John Dramani Mahama has in recent times held the collapse of banks as its trump card going into the December 7 elections.

On page 29 of the NDC manifesto, they blamed President Akufo-Addo for mismanaging  the affiars of the financial sector and the economy and promised to revive the sector if voted to power.

But in his presentation at the Bono Regional Town Hall Meeting, NPP Regional Chairman Kwame Baffoe Abronye has clearly exposed John Mahama and the NDC as supervising the mess in the financial sector between 2012-16.

Citing page 6 and 27 of a report by the World bank group dubbed “Ghana’s access to finance”, he indicated that John Mahama as president due to his incompetence was reluctant in implementing key recommendations by the World Bank group in October 2016 and that largely led to the complete collapse of the sector.

He further revealed that World Bank report stated that the economy under John Mahama was so terrible to the extent that, individuals and organizations could not repay their bank loans and these non-performing loans led to the collapse and consolidation of most banks.

Again, he mentioned that Former President John Mahama in his own 2016 State of the Nation to parliament on 25th February 2016 clearly exposes his hypocrisy and mediocrity about the financial sector.

According to the presentation, at paragraph 1 of page 20 of his SONA 2016 address Mahama noted that, “Over the past 5 years there has been a proliferation of microfinance companies. These companies come under the direct supervision of the Bank of Ghana. Unfortunately, lack of effective supervision has resulted in many cases in which micro finance companies licensed by Bank of Ghana have breached the rules and created supposed pyramid schemes that have eventually come crashing down.”

Mr. Abronye therefore stated that by his own admission before parliament in 2016, ex-President John Mahama indicated that the Bank of Ghana under his government was a complete failure under the NDC administration.

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