John Mahama, the flag bearer of the National Democratic Congress (NDC) for the 2024 elections, has criticized the government’s handling of the banking sector clean-up, describing it as hasty. Mahama stated that the decision affected indigenous capital in the financial and banking sector and pledged to restore the capital of indigenous businesses in that sector.
The NDC is advocating for an independent review of the processes that went into the banking sector clean-up and has assured that the licenses of those who were unjustly treated would be restored. Mahama made these comments when Dr. Papa Kwesi Nduom, Global President of Groupe Nduom, paid a courtesy call on him to present a petition for his support for the reinstatement of GN Bank and Blackshield.
Present at the meeting were the Chairman of the NDC, Johnson Asiedu Nketia, and a former Chief of Staff, Julius Debrah. Mahama noted that the criteria used by the government did not constitute a one-size-fits-all approach, as different banks cater to different segments of the market.
He expressed concern that the closures of micro-finance firms, including GN Banks, left most communities without financial services. Mahama emphasized that the NDC would look into outstanding legal issues before taking office and assured a sympathetic hearing to unravel what happened.
He stressed the importance of indigenous participation in the financial sector and criticized the dominance of foreign banks. Dr. Nduom, in his remarks, highlighted the achievements of GN Bank, which was built to serve the ordinary Ghanaian and had established a network of 305 branches and served over one million customers.
