Former New Patriotic Party (NPP) Member of Parliament for New Juaben South, Dr Mark Assibey-Yeboah has indicated that Ghana’s economy is currently in a deep mess.
He said the struggling economy is leading to the failure of banks and the entire financial sector.
Speaking on the Business Focus with Paa Kwasi Asare on TV3 Monday January 16, Dr Assibey-Yeboah who was the chair of the Finance Committee of the 7th Parliament said “Now, we are in a hole, you have individual bondholders going to be affected, the financial sector is going to crush. I am telling you now, where we are as a country, this is not the time to massage issues, the banks, I don’t want to mention names, some of them will collapse.
“Let us say you are a bank and you are exposed to government bonds to the tune of GHS2billion. If you have 20 per cent, that is 450Million Cedis in interest payment you forgo , do you know what that will do to your balance? So banks are going to lay people off.”
Source:Mybrytfmonline.com
