We’ll restore licences of wrongfully collapsed banks – Mahama

Flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has promised that his next administration will reinstate the licences of financial institutions that were unjustly shut down under the current New Patriotic Party (NPP) government.

He stated this during the launch of the 2024 NDC manifesto held in the University of Education, Winneba, on Saturday, August 24, 2024.

Mahama condemned the NPP for what he termed as unfair actions against certain financial and business entities, leading to their collapse and resulting in significant economic hardship.

He assured the affected institutions and their stakeholders that the NDC would correct these injustices.

“We will reinstate the licences of institutions that were unfairly shut down by the NPP government,” Mahama affirmed.

He further noted that these actions have not only harmed businesses but have also negatively impacted the livelihoods of many Ghanaians. He emphasised the NDC’s commitment to restoring justice and rebuilding trust in the financial sector.

Alongside addressing the issue of collapsed financial institutions, Mahama vowed to scrutinise the NPP’s Gold for Oil programme, which has been marred by criticism and accusations of mismanagement and corruption.

“We will investigate the NPP’s opaque Gold for Oil programme,” Mahama stated.

In an earlier report, Chairman of Group Ndoum, and former flagbearer for the Progressive People's Party, Dr. Papa Kwesi Ndoum, expressed strong confidence that the banking licence of GN Bank, which was revoked in 2019, will be reinstated by the next political administration following the 2024 general elections.

After concluding a nationwide tour and meeting with various presidential aspirants, Dr. Ndoum revealed that only two candidates have assured him of their commitment to reviving his collapsed bank.

“I want to express my appreciation for the positions taken by two aspirants, Mr. Alan Kyerematen and former President John Dramani Mahama, who have publicly stated that should they win the upcoming election, they will support our ‘bring back GN Bank’ agenda,” he said.

Dr. Ndoum expressed his confidence that the next government will restore the bank’s license.

“I believe the next administration will give us our license back,” he stated.

The Bank of Ghana (BoG) had reclassified GN Bank as GN Savings in late 2018, granting it a six-month period to meet specific requirements after the bank failed to meet the BoG’s minimum capital requirement of GH¢400 million by December 31, 2018. When this period ended, the BoG revoked GN Bank’s licence in August 2019, along with the licences of 22 other insolvent savings and loans companies and finance houses.