John Mahama promises to pay locked-up funds of clients of defunct financial institutions within a year

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John Mahama, ex-President of the republic of Ghana has vowed to refund all looked-up funds to the clients of the customers of the defunct Menzgold Company Limited and other collapsed financial institutions should he emerged the winner in the upcoming 7 December pools.

Speaking during the event in Accra to present Prof Naana Jane Opoku-Agyemang as his running mate in upcoming general election on Monday, July 27, Mr John Dramini said: “My heart goes out to the many who have been affected by this Government’s unjustifiable collapse of Ghanaian-owned financial institutions”.

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“It is heart-wrenching to hear government officials justify the huge amounts it is spending to manage the impact of the collapse, now put at 21 billion Ghana cedis”, he lamented.

The former president said: “I weep for the many who have lost their jobs, the many who have lost their businesses, the many who have lost their livelihood among others”.

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He promised “on behalf of the NDC that we shall pay within one year all who have funds locked up with the collapsed financial institutions. Within one year. I promise!”

“We shall not put up any long-term payment plans that will further worsen the living conditions of the victims.

“As has been introduced in other economies, the next NDC Administration will establish a Financial Services Authority that will be responsible for ensuring that consumer financial markets work for consumers, providers and the economy as a whole.”

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“The Authority will oversee all financial products and services that are offered to consumers, and will effectively and efficiently prevent and stop the challenges that have confronted customers of Menzgold, DKM among others.

“We will restore Ghanaian indigenous investment in the banking and financial sector through a tiered banking structure in order to restore viable credit sources for Ghanaian SMEs. We will make amends for those whose businesses were collapsed due to political victimisation”, the former President said.

Mr Mahama further stressed: “We will send all contractors with valid contracts who have been sitting at home for 4 years without being paid for legitimate work done for government back to site”.

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“We will make immediate arrangements to pay them their hard-earned monies deliberately withheld by the Nana Addo administration due to politics”.