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We are not paying depositors of defunct companies because of Mahama's promise - Nana Akomea

BY: Zadok Kwame Gyesi
Nana Akomea
Nana Akomea

The governing New Patriotic Party (NPP) says the government’s decision to pay all depositors of the defunct banks including microfinance, savings and loans companies was not influenced in anyway by the promise of the flagbearer of the opposition National Democratic Congress (NDC), former President John Dramani Mahama.

Speaking at the party’s weekly press conference in Accra M[onday, September 21, 2020], the Managing Director of the State Transport Company (STC), Nana Akomea said President Akufo-Addo’s decision to pay all the affected depositors of the defunct banks was as a result of his sensitivity to the plight of the affected customers.

He said, President Akufo-Addo will continue to take decisions that will benefit the Ghanaian public, and not what Mr Mahama promises or says.

Former President Mahama at the launch of the NDC's Election 2020 manifesto had promised to pay all depositors of the defunct banks in the first year of his government should he be elected again in the upcoming December presidential election.

Nana Akomea said President Akufo-Addo has been cleaning the mess Mr Mahama created in Ghana’s banking sector, saying that the defunct banks collapsed as a result of the bad decisions that were taken under Mr Mahama’s administration.

According to him, the government did not decide to pay the depositors of the defunct financial institutions because Mr Mahama had promised to pay such depositors when his party wins power in this year’s elections.

He said Mr Mahama’s promise lacked substance to influence NPP’s decision because if Mr Mahama could not pay the handful of customers whose monies were locked up in the DKM and other microfinance companies that collapsed under his watch, how can he then promise to pay the over four million depositors of the defunct banks.

Nana Akomea said the government in collaboration with the Bank of Ghana (BoG) has made available GH¢3.56 billion to pay the over four million depositors of the defunct banks.

He, however, explained that the money will be used to pay only those whose monies have been locked up with institutions that are under the supervision of the Central Bank and not those investment institutions [investment companies] that are under the supervision of the Securities and Exchange Commission (SEC).