Next NDC gov’t’ll resurrect ‘killed’ banks; whole exercise ‘useless’ – Ritcketts-Hagan

A Ranking Member of the Finance Committee of Parliament, Mr Kweku Ritcketts-Hagan, has assured the owners of the nine Ghanaian banks that collapsed during the first term of the Akufo-Addo government that the next administration of the National Democratic Congress (NDC) will restore all of them.

“We still have a chance of rolling back all the things this government did with the banking sector clean-up exercise,” he said.

According to him, the exercise to clean the banking sector was politically motivated.

“This government has killed all indigenous banks, yet the existing banks are not better than the collapsed ones,” he argued.

The opposition lawmaker said the exercise was financially “insane”, adding that it did not make sense for the government to use a huge amount of money to collapse the nine banks.

In his view, the whole exercise targeted some specific people.

The MP for Cape Coast South asserted that the exercise was a useless one.

In an interview aired on Accra100.5FM’s 6 AM news on Friday, July 8, 2022, the MP said the government could have spent GHS5 billion for the exercise instead of the almost GHS20 billion spent.

“The people behind these useless exercises should be ready for the law on causing financial loss to the state,” he threatened.

“If National Investment Bank (NIB) has survived today, so could the nine collapsed banks. NIB was in a worse state than Captain Prince Amoabeng’s UT Bank,” he argued.