Banking sector cleanup was poorly planned – Divine Nkrumah

General News of Friday, 28 February 2020

Source: kingdomfmonline.com

2020-02-28

Divine Nkrumah

The National Youth Coordinator, of the Progressive Peoples Party (PPP) Divine Nkrumah, has said the banking sector cleanup by the government was poorly planned.

He stressed that the banking sector cleanup by the government was poorly planned.

“I have issues with the whole financial sector bailout. To me, it wasn’t adequately planned. Where are the depositors’ monies? I don’t understand the whole process. I do not want to see too many promises in 2020. The budget should be a lean one because of the situation the country finds itself. If the government is honest, many will understand,” Divine Nkrumah told Kwame Tutu on ‘Anopa Nkomo’ on Accra-based Kingdom FM 107.7

He said the banking crisis led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loans companies, eight finance house companies, and two non-bank financial institutions.

According to him, the government has not handled the fall out of the collapse of seven indigenous banks with its attendant job losses.

Divine Nkrumah shares the concerns of the affected workers and wants something to be done about it.

“I am concerned about the loss of jobs and whether or not there will be a capacity to pay severance.