The National Chairman of the National Democratic Congress (NDC), Samuel Ofosu-Ampofo, has urged electorates of the Ashanti region to vote against President Nana Addo Dankwa Akufo-Addo in the upcoming elections to save thousands of Ghanaians from losing their jobs.
He said the Akufo-Addo administration had collapsed more jobs than it has created in the last four years, stressing that the banking sector crisis has brought untold hardship to a lot of Ghanaians in the Ashanti Region who were working in banks that were collapsed by the ruling NPP.
Addressing a gathering at Jamasi in the Afigya Kwabre East Constituency, Mr Ofosu-Ampofo observed that President Akufo-Addo did not only neglect Asanteman in his development agenda but collapsed banks including UniBank owned by Dr Kwabena Duffuor, a son of their land.
“They collapsed banks including GN Bank owned by Dr Papa Kwesi Nduom and UniBank which belongs to your brother and son, Dr Kwabena Duffuor,” Ampofo told the charged crowd.
“Today, most of you here are jobless because this government have not only neglected you but collapsed the banks that were your sources of livelihood. When you vote them into power again, they will collapse more jobs,” the NDC chairman noted as he explained the job opportunities the NDC has lined up in their People’s Manifesto.
He said the ‘Big Push’ that will see to the expansion of infrastructure across the country will create thousands of jobs for Ghanaian contractors and added that school dropouts will have the chance to join the National Apprenticeship Programme which will train the youth for free.
Banking Collapse
In the past two years, the Bank of Ghana’s reforms has led to the collapse of nine local banks, 347 microfinance institutions and some 23 finance houses.
On 1 August 2018, the Bank of Ghana announced the consolidation of the failed local banks, which included the Royal Bank, Beige Bank, Construction Bank, Sovereign Bank and Unibank. Later on, HBL and Premium Bank were added to the first five.
The collapse of the nine local banks birthed the state-owned Consolidated Bank Ghana (CBG) Limited.
This was after the Central Bank on 14 August 2017 approved the takeover of UT Bank and Capital Bank, by the state-owned GCB Bank Limited.
More than 152,000 depositors have been affected since these Micro Finance Institutions, Savings and Loans Companies, and banks were folded up for what the government described as their inability to meet liquidity standards.
Some frustrated customers, some of which have been ejected from their homes for their inability to pay their rent, as businesses of others have suddenly collapsed resulting in sleepless nights and hunger among thousands.
Promises
Following demonstrations upon demonstrations for their monies; curses, assurances have been given by the government to refund the deposits amidst modalities, but till date, tens of thousands have virtually been disappointed even after President Akufo-Addo’s assurances in December last year which was firmed up during the State of the Nation address that all monies will be paid.
Last year, President Akufo-Addo announced some GH¢15.6bn had been allocated to cater for the frustrated customers’ needs as pressure and threats heightened.
A letter addressed to the Minister of Finance, Ken Ofori-Atta, by the President’s Executive Secretary Nana Asante Bediatuo, said, “The President has granted executive approval for an expenditure of up to fifteen billion six hundred million Ghana cedis (GH¢15,600,00,00.00) toward protecting depositors and investors of failed financial institutions and to improve liquidity of the financial sector”.
At the 2020 State of the Nation Address, President Akufo-Addo again confirmed before Parliament the monies have been released and stated payment was to begin on February 24, 2020.
However, four (4) months after the pledge, the disgruntled customers are yet to receive their funds in full. Others have reported a paltry 5% of their total deposits which is fast dwindling confidence in the Akufo-Addo government that is battling to fulfil half of its manifesto promises prior to the 2016 general elections that brought the NPP to power.
