Business News of Wednesday, 29 July 2020
Source: www.ghanaweb.live
2020-07-29The 82 licensed financial institutions that collapsed under Mahama’s watch – Bawumia lists
Vice President Dr Mahamudu Bawumia
Vice President Dr. Mahamudu Bawumia has enumerated some 82 licensed financial institutions that collapsed due to what he terms as former President John Dramani Mahama’s remarkable ineptitude.
In a post on his official Facebook page, Dr. Bawumia mentioned that Mr. Mahama’s track record as president stinks hence has no moral right to poohpooh the achievements of President Akufo-Addo.
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“The choice Ghanaians face on December 7th is between John Mahama and Nana Addo Dankwa Akufo-Addo.” He stated. “Thankfully, both of them have records. John Mahama was Vice-President and President for 8 years and Nana Akufo-Addo has been the president for three-and-a-half years. It is not about what you say in opposition. It is about what you did in government.”
“John Mahama presided over a mismanaged and collapsing financial system. 82 licensed financial institutions (listed below) collapsed under JM’s watch (were they deliberately collapsed by his government?) and the depositors were not paid (sic).”
“Nana Akufo-Addo, on the other hand, has rescued the financial system and spent some GH¢21 billion to save the deposits of 4.6 million depositors who would otherwise have lost their savings. DKM depositors will also be paid,” Bawumia added.
As part of its efforts to restore confidence in the banking and specialized deposit-taking sectors, the Bank of Ghana (BoG) embarked on a clean-up exercise in August 2017 to resolve insolvent financial institutions whose continued existence posed risks to the interest of depositors.
According to Finance Minister Ken Ofori-Atta during a presentation of the mid-year budget review, the government of Ghana spent an amount of GH¢13.6 billion in the first quarter of 2020 as a result of the financial sector clean-up exercise undertaken by the central bank.
He said the amount, representing 3.5 percent of Gross Domestic Product (GDP), was spent on the resolution of failed and insolvent banks.
Below is the list as presented by Dr. Bawumia:
Agapet Microfinance Limited
Antcave Microfinance Limited
Apex Microfinance Limited
Atwiman Microfinance Company Limited
Bees Microfinance Limited
Cedar House Microfinance Services Limited
Central Capital Microfinance Limited
Charles Noble Microfinance Limited
Citiville Microfinance Limited
City Trust Microfinance Limited
Coastal Link Microfinance Limited
Diamond Winners Microfinance Limited
Dkm Diamond Microfinance Limited
Duapa Trust Microfinance Limited
Ego Vision Microfinance Limited
Ezi Access Microfinance Limited
F.H. & C Microfinance Limited
Fast Money Microfinance Limited
First Unity Microfinance Limited
Ganyo Microfinance Limited
Genesis Seed Microfinance Limited
Global Standard Microfinance Limited
Glow Microfinance Limited
Golden Life Microfinance Limited
Growth Champions Microfinance Limited
Growth Pole Money Lending Limited
Ideal Way Microfinance Services Limited
Images Microfinance Limited
Jastar Money Lending Services Limited
J’cobs Microfinance Limited
Jubilee Microfinance Limited
Kab Microfinance Limited
Kb Star Microfinance Company Limited
Kwabef Microfinance Limited
Look-Ahead Microfinance Limited
Magnet Microfinance Limited
Mckeown Microfinance Limited
Medal Credit Microfinance Limited
Medlorm Microfinance Limited
Money Home Microfinance Limited
Money Link Microfinance Limited
Mothers’ Microfinance Limited
My Hope Microfinance Limited
New Dawn Microfinance Limited
Opportunity Global Links Microfinance Limited
Orion Money Lending Limited
Paxman Microfinance Limited
Pendy-Glo Microfinance Limited
Promise Microfinance Limited
Protege Microfinance Limited
Pryme Hedge Microfinance Limited
Quick Loans Microfinance Limited
Reach Microfinance Limited
Reemalex Microfinace Services Limited
Rejoice Microfinance Limited
Rimda Microfinance Limited
Royal Kingdom Microfinance Ltd
Sab Trust Microfinance Limited
Safe Credit Microfinance Limited
Seab Microfinance Limited
Sharp Vision Microfinance Limited
Shine Credit Microfinance Limited
Sika Dwa Microfinance Limited
Silison Microfinance Limited
Silver Microfinance Limited
Skii Credit Microfinance Limited
Softbiz Microfinance Limited
Sp Microfinance Limited
Spark Trust Microfinance Limited
Sufficiency Microfinance Limited
Swift Trust Microfinance Limited
Synthesis Microfinance Limited
The Lord Is Peace Microfinance Limited
Time-First Microfinance Limited
Topnet Microfinance Limited
Trust Jesus Microfinance Limited
Tts Microfinance Services Limited
Ultimate Focus Microfinance Limited
Uni Cash Microfinance Limited
Vanliz Microfinance Services Limited
Western Microfinance Limited
Xpress Link Microfinance Company Limited
