Bawumia Urges Mahama to Review Banking Sector Cleanup Report Before Commenting

Dr Mahamudu Bawumia, the New Patriotic Party (NPP) flagbearer, has challenged former President John Dramani Mahama to review the receiver’s report on the banking sector cleanup before making further comments.

Addressing a press conference in Accra on Sunday, August 26, Dr Bawumia highlighted that the cleanup exercise preserved GHC4.6 billion in depositors’ funds.

Dr. Bawumia defended the cleanup measures, stating, “We saved the deposits of 4.6 million bank depositors who were at risk of losing their money.

The banks did not collapse but merged into other institutions, ensuring no depositor lost a single cedi.”

He elaborated on the situation, describing how some banks had violated regulations by extending loans well beyond single obligor limits and misusing funds provided by the Bank of Ghana.

“Some banks were given up to 1 billion cedis to resolve their issues, but they only worsened their situation.

Funds intended for rescue were used to establish Capital Bank or invested in private properties, leading to further collapse,” he explained.

Dr. Bawumia urged Mahama to familiarize himself with the detailed reports from the Bank of Ghana (BoG) and the receiver’s findings.

“I’ll ask the former president to read the receiver’s report or the BoG’s report and acquaint himself before making further comments on matters he clearly doesn’t understand,” he said.

Mahama pledged to restore the licenses of banks that were revoked during the cleanup during the launch of the National Democratic Congress (NDC) manifesto on Saturday, August 24, in Winneba.

He also promised to rationalize port fees and address the cedi’s depreciation against the dollar.

Mahama stated during the manifesto launch, “We will rationalize port fees and introduce measures to stabilize the cedi and the macroeconomic environment. “