Banking sector clean-up: Terkper fires Bawumia over comments against Mahama

Former Finance Minister Seth Terkper has responded sharply to Vice President Dr. Mahamudu Bawumia’s comments on the banking sector crisis.

Terkper criticized Bawumia’s remarks as “condescending” and defended former President John Mahama’s handling of the crisis.

He clarified that Mahama’s administration initiated the audits leading to the crisis and took steps to address it.

Terkper explained that merging banks were initially adopted globally but was later abandoned as deeper issues were uncovered, leading to more comprehensive solutions to protect depositors and stabilize the sector.