Government Is ‘Common Sense’ – Mahama Jabs Akufo Addo Over Collapsed Banks

Former President John Dramani Mahama has taken a swipe at the President Akufo Addo led government over the collapsed banking and micro-financial institutions.

Addressing traditional and religious leaders in the Ketu North constituency as part of his campaign in the Volta region, the National Democratic Congress (NDC) flagbearer bemoaned the unemployment rate that has unavoidably ballooned due to the exercise.

Mahama stated, “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.” 

“We needed GH¢9 billion to bail out the financial institutions that they closed down. Instead of investing GH¢9 billion and it’s not money they would have been throwing away because you would have injected GH¢9 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!

He added, “that’s why I said government is common sense. And yet you go and collapse all these financial institutions and now you owe GH¢22 billion when you could have used GH¢9 billion to solve the problem. You create the problem and now you owe GH¢22 billion and you assure the people of their money and today they say ‘pay our money and that is another story.”

Source: GhanaFeed.com