Banking Consultant, Dr Richmond Atuahene has candidly stated that Mr John Dramani Mahama cannot pay all the funds locked up in the various financial institutions when re-elected as President come December 7.
According to him, Mr. Mahama is to pay over 4.5 million customers their money and the amount involved is very huge.
Though some of them have received their funds there are still others who haven’t recurved anything at all or have received part of it.
Mr Mahama in a speech at the outdooring of his running mate made the promise to pay all customers of defunct firms who are yet to receive their locked-up fund within a year when he recaptures power.
“It won’t work because when we talk about the financial services sector, we talk about banks, insurance companies, savings and loans, fund management among others. The financial sector is a very huge and complex sector”. Mr Richard said in an interview.
“The Bank of Ghana has too much on its head; savings and loans, microfinance, finance houses and on top of that regulating these 23 banks. You need a specific regulator to focus on each sub-sector.” He added.
Though the Government has spent about GHS21 billion to bail out the financial sector from the crisis it has been through for about three and a half years.
Adding that the investment banking space are yet to collect their locked-up investments which is about GHS7 billion.
Source: Mybrytfmonline/Pechi-Anim Alnice Padikie.
