Vice-President Dr. Mahamudu Bawumia and former President John Mahama<\/strong><\/p>\nVice-President
\nDr. Mahamudu Bawumia yesterday took another swipe at former President Mahama
\nwith regard to his attempt to cause disaffection with government in the wake of
\nthe banking sector clean-up exercise done by the Bank of Ghana recently.<\/p>\n
It
\nfollows claims by Mr. Mahama on August 22 that the revocation of licences of
\nsome insolvent banks and other savings and loans companies by the central bank
\nwas not necessary, and that the government had taken a chaotic path in handling
\nthe issue.<\/p>\n
The
\nformer President had said specifically: \u201cWas the revocation the best option at
\nthis circumstance or there was no other option? Our central bank chose the
\nchaotic situation with accompanying huge debts, and the government had no clue
\non how to clear it. Revocation of licences would have been the last resort and
\nnot the first resort. No country is immune to crisis in the financial sector.\u201d<\/p>\n
Launching
\nthe $5 billion affordable housing project being financed by the United Nations
\nOffice of Project Services (UNOPS) to be undertaken by Sustainable Housing
\nSolutions (SHS) and their Ghanaian counterparts at Afiaman, near Amasaman, in
\nthe Greater Accra Region yesterday, Dr. Bawumia said Mr. Mahama\u2019s tenure was characterised
\nby \u201coutright regulatory failure and cronyism\u201d and that led to the biggest
\nfinancial crisis ever in Ghana.<\/p>\n
He
\nsaid: \u201cMr. Mahama chooses, as is characteristic of him, to rewrite history. Perhaps,
\nhe also has not caught up with the collective wisdom around the world that
\nbailing out insolvent banks does not cure the canker that soon rears its head
\nagain.\u201d<\/p>\n
\u201cIs
\nhe not aware of the reforms around the world (including outright statutory prohibition
\nof bailouts in some jurisdictions) to ensure that financial institutions that
\nreach the point of no viability are made to exit the financial system in an orderly
\nfashion even before they reach insolvency? Does he not know that keeping \u2018dead\u2019
\nfinancial institutions alive by public funds under the pretext of \u2018too big to
\nfail\u2019 destroys the financial system and the economy as a whole?\u201d he added.<\/p>\n
The
\nVice-President said: \u201cActually, many of the financial institutions which had
\ntheir licences revoked could not even pay customers their deposits of as little
\nas GH\u00a2300; has John Mahama not taken the trouble to learn from the experiences
\nof countries all around the world in financial crisis management?\u201d<\/p>\n
He
\nadded that \u201cobviously not, and hence his admission that he has had to recently
\nset up a Policy Working Group on Finance and Economy that is now studying and
\nanalyzing the situation with a view to coming up with pragmatic steps. This
\nshows clearly that the former President does not have anything meaningful to
\noffer Ghanaians.\u201d<\/p>\n
\u201cMr.
\nMahama and his NDC have nothing useful to offer the Ghanaian
\npeople, and should apologize to the good people of Ghana for causing their pains
\nin the first place,\u201d he stressed.<\/p>\n
\u201cFormer President Mahama, who now would like Ghanaians to believe he knows how to stabilize a banking sector, kept banks in their comatose state until they died instead of allowing the regulator to do its work independently as required by law to administer the prompt interventions that were needed to ensure that the banks recovered,\u201d he said adding \u201cthe good people of this country are, however, not as gullible and ignorant as he likes to believe and we do not all have short memories.\u201d<\/p>\n
By Charles Takyi-Boadu, Presidential Correspondent <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"Vice-President Dr. Mahamudu Bawumia and former President John Mahama Vice-President Dr. Mahamudu Bawumia yesterday took another swipe at former President Mahama with regard to his attempt to cause disaffection with government in the wake of the banking sector clean-up exercise done by the Bank of Ghana recently. It follows claims by Mr. Mahama on August […]<\/p>\n","protected":false},"author":1,"featured_media":694674,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-694673","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"\n
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