Former President John Dramani Mahama has pledged to set up a financial services authority to help streamline the financial sector in Ghana when elected as President in December 2020.
Mr Mahama said as has been introduced in other economies, the move, will ensure the prevention of the collapse of the financial sector in episodes such as that of DKM and Menzgold where depositors have their investments locked up.
The financial services authority, he said, will be responsible for ensuring that consumer financial markets work for consumers, providers and the economy as a whole.
“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,” he added.
Mr Mahama who was speaking at an official ceremony to introduce his presidential running mate, Professor Naana Jane Opoku-Agyemang to the electorate in Accra on Monday night also promised to pay all outstanding investments made by depositors in the collapsed financial institutions within his first year in office as President.
The introduction ceremony was also to serve as an opportunity for Prof. Opoku-Agyemang to make her maiden policy statement after her announcement as running mate.
Mr Mahama said the next NDC government will honour its pledges to the electorate and that his government will pay customers their monies locked up investments in collapsed financial institutions.
He said the next NDC administration shall not put up any long-term payment plans that will further worsen the living conditions of the victims of the collapsed institutions.
“My heart goes out to the many who have been affected by this [NPP] government’s unjustifiable collapse of Ghanaian-owned financial institutions,” he said.
The NDC flagbearer said 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.
“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.
“I pledge 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!” he said amid cheers from supporters.