Leading member of the governing New Patriotic Party Gabby Asare Otchere Darko has called out the flag bearer of the opposition National Democratic Congress John Dramani Mahama for promising to pay customers of collapsed financial institutions within a year after being elected into office.
The former president on Monday said “I pledge on behalf of the NDC that we shall within one year of being in office pay all funds that have been locked up with the collapsed financial institutions. Within our first year in office, we shall pay all the beneficiaries all funds locked up in the collapsed financial institutions and its a promise. We shall not put together any long term payment plan that will further worsen the living conditions of the victims.”
A financial sector cleanup commenced by the Akufo-Addo administration in August 2017 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. Licenses of 53 Fund Management Companies were also revoked by the Securities and Exchange Commission.
The outcome of the exercise Mr. Mahama noted has rendered many Ghanaians jobless, a situation he described as sad.
He stressed that “the NDC will establish a financial services authority that will be responsible for ensuring that consumer financial markets work for consumers and providers and for the economy as a whole. This financial services authority will oversee all financial products and services that are offered to consumers and will effectively and efficiently prevent and stop the challenges that have confronted customers of Menzgold, DKM and others.”
In a usual form of response, Gabby Otchere Darko doubted the assurances of the former president and questioned why customers of DKM, a financial company that collapsed under the Mahama administration were not paid.
“@JDMahama promises to pay in full the billions of cedis owed to over 4.6 million customers of failed banks etc. I have just one question. Was he able to pay the 90,000 Ghanaians who were owed some 660m when DKM failed under his leadership?” He questioned.
“Measure what they say to what they did or failed to do. That to me is what 2020 is all about: measuring promises to delivery,” he added.
