Former President John Dramani Mahama met with Dr. Kwesi Ndoum and his team from GN Bank on Friday, July 19, to discuss their petition to restore their revoked banking license. The meeting has sparked hope for indigenous banks in Ghana, which have been severely impacted by the government’s approach to the financial sector cleanup.
Mahama, a vocal critic of the government’s handling of the banking sector, expressed concern about the impact of the bank closures on employees, communities, and the overall economy. He emphasized the importance of indigenous participation in the financial sector and the need for a more considerate approach to the banking sector cleanup.
During the meeting, Dr. Ndoum and his team presented their petition, highlighting the challenges they faced and the measures they have taken to address them. Mahama listened intently, asking questions and offering words of encouragement.
The former President reiterated his commitment to supporting indigenous businesses in the financial sector, stating that he would work to restore their capital and ensure they have a fair chance to thrive once again if given the opportunity to serve the Ghanaian people.
Dr. Ndoum expressed concern over the deteriorating state of GN Bank’s 300 centers across the country, which have led to significant job losses and severe hardships for the families of former employees. He pleaded with Mahama to prioritize the reinstatement of GN Bank’s license if he is elected in the upcoming elections.
Mahama criticized the New Patriotic Party (NPP) government for its decision to revoke the licenses of several indigenous financial institutions as part of the 2019 banking sector cleanup, calling it a hasty action. He revealed that his administration plans to initiate an independent review of the entire banking sector cleanup process.
“I do think that government was hasty in what it did. If you look at the criteria that was used, it didn’t fit. It was not a one-size-fits-all. It was just like different rules for different folks,” Mahama said.
He pledged to advocate for an independent review of the processes that went into the banking sector cleanup and to look into the restoration of the licenses of indigenous banks that were unjustifiably revoked.
Ruth Abla ADJORLOLO
