The flagbearer of the National Democratic Congress (NDC), Mr. John Mahama has said the government should have applied “common sense” during the banking sector cleanup.
“They’ve closed financial institutions. It’s not that the financial institutions didn’t have problems when we were in government, we knew there was a problem but we realised that the problem was a very complicated one and, so, we needed time to resolve it and make sure you don’t throw the baby away with the bathwater,” Mr. Mahama stated in the Ketu North constituency as part of his campaign in the Volta region.
He recalled: “We needed GHS9 billion to bail out the financial institutions that they closed down. Instead of investing GHS9 billion and it’s not money they would have been throwing away because you would have injected GHS9 billion, taken equity in those financial institutions and as they become liquid again, you give them back the equity and take your money back, simple!”