The Founder and Leader of the Liberal Party of Ghana (LPG), Mr. Kofi Akpaloo, has revealed that former President John Mahama caused the banking sector under his watch to crumble due to poor supervision from the Bank of Ghana (BOG).
He noted that the former President rather kept the banks and other financial houses in their comatose state till they died, instead of allowing the Regulator (BOG) to perform its work independently as required by the law.
“This problem in the banking system was obvious in 2014 and even before. It is a problem that President Mahama and his government should have already thought about.You collapse banks under your watch and you want a second chance to rule, no, never, ”Kofi Akpaloo told Kwame Tutu on Anopa Nkomo on Accra based Kingdom FM 107.7.
The Presidential hopeful said President Mahama’s administration did not roll out any specific policies to rescue those banks and financial houses that were in financial meltdown, saying that, the former President was now talking about supporting financial institutions because he wanted votes in the 2020 elections.
According to Mr. Akpaloo, the BOG under its current leadership has shown courage by taking the “bulls by the horns” and dealing decisively with the problems created under the Government of John Mahama, to avert the collapse of the entire financial system”
Most of the financial institutions could not honor their obligations to their clients, creating panic withdrawals.
Mr. Kofi Akpaloo explained that President Akufo-Addo Government’s action to undertake financial clean-up had restored confidence in the banking system as customers of defunct deposit-taking institutions continue to access their funds without difficulty.
By : Richard Obeng Bediako / Kingdom 107.7 FM / Kingdomfmonline.com / Ghana / 2019 /Twitter:@obeng_governor /Richardobengbediako@gmail.com