Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia has cleared misconceptions about why the Bank of Ghana (BoG)had to close down some banks.
He said, ‘’The Bank of Ghana did not just do this because they felt it was time to create suffering for depositors and difficulties for the owners of those institutions, as the NDC is forcing us to believe’’.
The Vice President of the Republic of Ghana was speaking at the first 2020 Government Town-hall Meeting held in Kumasi in the Ashanti region.
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He explained that the central bank closed down the financial institutions, among which some where already out of business, to protect the financial system and save the hard-earned income of hard-working people.
Bawumia revealed that most of the banks were already dead and some were not even paying their depositors regularly, thus, the necessary action had to be taken.
However, he reiterated that President Nana Addo Dankwa Akufo-Addo has given his assurance that no depositor of any bank, micro-finance or savings and loan company will lose a penny of their deposits, and so shall be done.
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‘’Everybody will get 100% of their deposits back. That is going to happen and it is starting’’, he added.
The Government Town-Hall Meeting, led by Dr. Mahamudu Bawumia saw guests from civil society groups, academia, political parties and the general public, all invited. The theme for this year’s meeting is ‘Demonstrating Fulfillment of Our Promises’.
By: Maureen Dedei Quaye