President Mahama to restore unjustly revoked banking licenses

President John Dramani Mahama has announced that his government will restore the licenses of indigenous banks that were unjustly revoked during the previous administration.

According to the President, the move is part of a broader effort to rebuild Ghana’s financial sector and stimulate economic growth.

Speaking during a national address on Wednesday, 7th May, to mark his first 120 days in office, President Mahama revealed that Finance Minister Dr. Cassiel Ato Forson has commissioned a formal inquiry into the collapse of several local banks and financial institutions.

“As far as practicable, the banking licenses that were unjustly cancelled by the previous government will be restored. The Minister for Finance has launched an inquiry into the collapse of indigenous banks and financial institutions and make no mistakes, facts will be unearthed, culprits will be punished and lessons will be learned.” He said.

He also announced the government’s intention to create a tiered banking system, designed to serve the diverse financial needs of different segments of the Ghanaian market, providing room for both large and small institutions to thrive.

H.E. John Dramani Mahama further pledged to support professionals who were laid off during the cleanup exercise, noting that many experienced banking staff were forced into menial jobs after losing their livelihoods.

“To grow our economy and create sustainable employment for our youth, we will restore indigenous Ghanaian investments in the financing and banking sector and we will create a tiered banking system that will serve various segments of the market.

“We will give the opportunity for experienced banking hands who were laid off unneedlessly to secure their careers once more and move away from the menial jobs that they were compelled to take.” He said.

Source: Elvisanokyenews.net