Kwame Pianim, a renowned economist, has demanded that the licenses of banks that failed for political reasons be reinstated.
Mr. Pianim stated that he thought licensed banks whose revocations had been established to have been motivated by political factors should have them overturned.
“Licensed Banks which are proven to have been revoked for political reasons should be reversed,” he stated.
His declaration comes after the former President John Dramani Mahama promised to reinstate the licenses of banks that he believes were unfairly shut down during the Bank of Ghana’s (BoG) recapitalization program.
As the candidate for the National Democratic Congress (NDC), Mahama pledged not only to reinstate the licenses but also to ensure that skilled workers who had been laid off during the banking sector cleanup, would be given new jobs.
Following his victory in the NDC primaries, Mahama stressed the party’s commitment to reviving indigenous investment as well as the banking and investment industry in his acceptance speech.
“We will restore indigenous investment and the banking and investment sector. We will create a tiered banking system that will serve the various segments of the market. We will give an opportunity for experienced banking hands who were laid off to secure their careers once more and move away from the menial jobs that they were forced into. As far as practicable, the banking licenses that were unjustly canceled by this government will be restored.”
John Dramani Mahama
Declare State Of Emergency Due To Economic Crisis
According to Mr. Kwame Pianim, President Nana Addo Dankwa Akufo-Addo urgently has to declare a state of emergency due to the ongoing financial crisis.
He believes that this will be a crucial step in resolving the problem.
He remarked, “Now we have to put all our cards on the table and tell Ghanaians we are in a deep crisis,” in reference to the $ 3 billion deal agreed by the International Monetary Fund (IMF).
“Those are the words that the IMF uses, we are in a deep crisis and to solve the deep crisis and get out we have to be serious, declare a state of emergency and tell every Ghanaian we all have to tighten our belts, we are in economic crisis.
“Some of the symbolic cutting will show that we are reducing the size of government to make it lean and smart and that expenditures that are not going to yield output they are going to suspend them.”
Kwame Pianim
Ghanaians were already warned by President Akufo-Addo not to count on the IMF program to solve their country’s problems.
In his speech to the country on May 28, President Akufo-Addo remarked, “Access to the IMF facility will not spell the immediate end of the difficulties we are in presently.”
“But the fact that we’ve been able to negotiate such a deal sends a positive message to our creditors and investors. It should lead to the restoration of confidence and the reopening of avenues that have been closed to us this past year and a half.”
Nana Addo Dankwa Akufo-Addo
Finance Minister Ken Ofori-Atta recently warned that the approval of Ghana’s bailout request would not provide a quick fix to the current economic crisis in a statement that was similar to this one.
“Ghana’s IMF Board approval is far from a magic solution. What it is, however, is that it is a crucial first step on the necessary journey of strong reforms, inclusive growth and relentless pursuit of a growth agenda geared towards restoring our economy to a place of strength, prosperity and resilience.”
Ken Ofori-Atta
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