Flagbearer of the National Democratic Congress, John Dramani Mahama has pledged to restore the licenses of the banks that, in his view, were unjustifiably collapsed during the recapitalization exercise undertaken by the Bank of Ghana (BoG).
Speaking at the University of Development Studies in Tamale, Mr Mahama said, the restoration will be done through a tiered system.
“We shall promote robust, local participation in our banking and financial, telecommunication, tourism, mining, and agric and manufacturing sectors to grow our economy and create sustainable employment for our youths.
“We will restore indigenous Ghanaian investments in the finance and banking sector and we will create a tired banking system that will serve various segments of the market.
He added that “We will give the opportunity to experienced banking hands who were laid off needlessly to secure their careers once more and move away from the menial jobs that they were compelled to take.
The akufo-Addo-led administration collapsed a number of indigenous banks in what the government has controversially defended as a necessary clean-up exercise.
In 2018, a financial sector cleanup undertaken by the Bank of Ghana resulted in the revocation of the licenses of many financial institutions including banks and microfinance companies.
In total, some 400 banks, savings and loans companies, brokerage firms, and non-bank financial institutions were collapsed by the government, resulting in the retrenchment of thousands of workers.
Hiking the minimum capital requirement for banks from Ghc120 million to Ghc400 million, the government had gone after indigenous banks and used their inability to raise money as the basis to collapse the banks.