John Mahama vows to revive collapsed banks if he wins the 2024 elections.

The National Democratic Congress’ (NDC) flagbearer, John Dramani Mahama, has promised that if re-elected in the 2024 elections, he will return banks that collapsed under the Akufo-Addo administration to their original owners after a “unbiased assessment”.

Mahama encouraged young people to vote out the Akufo-Addo administration and back the NDC in the next elections during a recent Facebook Live talk.

He said, “Exercise your franchise by voting for me, John Mahama, on December 7th, and for the National Democratic Congress parliamentary candidate in your constituency.”

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After a careful evaluation, he pledged to “repair the dangerous damage to our country’s economy and people” and to revive financial institutions and banks that had collapsed.

Through his 24-hour economy program, Mahama also promised to create “decent and well-paying jobs”.

He conveyed his dissatisfaction with the jobless rate of today and challenged the young people to “keep hope alive”—that is, to have faith in a better future led by the NDC. In the 2024 election, he pledged, the NDC will propose a vision of development and prosperity for Ghana.

The Bank of Ghana closed ten banks owned by Ghanaian businessmen between 2017 and 2020. While seven other banks—The Sovereign Bank, The Beige Bank, Premium Bank, The Royal Bank, Heritage Bank, Construction Bank, and UniBank—had their licenses revoked and were combined under the Consolidated Bank Ghana, UT Bank and Capital Bank were acquired by GCB Bank. Furthermore, GN Bank, owned by Paa Kwesi Nduom, was reduced to a savings and loans company before failing.

The banking sector changes also included the Bank of Baroda’s voluntary exit and the merger of six banks, resulting in 23 operating universal banks.

Furthermore, 347 microfinance organizations, 39 finance houses, and 53 investment management companies were closed as part of the financial sector cleanup.

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