Government Spent GH¢18.6 billion on financial Sector Clean Up as at June 2020
The ruling New Patriotic Party says the Government of Ghana as at June 2020 spent GH¢18.6 billion on the financial Sector Clean Up.
According to the New Patriotic Party’s 2020 manifesto, the party indicated that, the NPP inherited a weak and fragile financial services sector from the Mahama-led NDC
Government where many financial institutions had either collapsed or were on the verge of collapse.
The party indicated that, the failures of the financial Sector were a direct result of a system of poor licensing and regulation, non-existent capital, weak corporate governance characterised by related-party transactions, and political influence-peddling among others which has caused innocent people, depositors, investors and employees to suffer the consequences of these grievous lapses.
The Manifesto of the New Patriotic Party noted that the President has directed that all depositors of the failed financial institutions be paid their deposits fully.
The portion of the NPP’s manifesto indicates;
Additionally, with the President’s directives to pay fully all depositors whose funds were locked up with the failed SDIs and MFIs, an amount of GH¢5 billion was spent. This brings the total expenditure on financial sector interventions as at June 2020 to GH¢18.6 billion.
Government has also committed an amount of GH¢3.1 billion towards supporting investors in failed asset management companies regulated by the Securities and Exchange Commission (SEC).
Below is the New Patriotic Party’s 2020 Manifesto (Read Page 14)