Noose Tightens on Gov’t Claim of Paying Off Stranded Collapsed Bank Depositors

The Minority in Parliament has waded into the suspicious claims of the Akufo Addo administration’s claim that it has paid off 96 per cent of stranded depositors who were caught in the crossfire of collapsing banks and microfinance institutions. 

The Minority is demanding an audit into the claims, following allegations by civil society groups that the so-called settlement is a hoax.

Addressing the media in parliament, Minority Leader Haruna Iddrisu encapsulated the doubts of the minority legislators about the said settlement.

According to the Minority Leader, continuous complaints from customers do not support the assertion by the government that 96 per cent of customers have had their locked up investments paid.

Minority Spokesperson on Finance Cassiel Ato Forson noted that the amount of money spent by the government with the approval from parliament is just around 11 billion cedis far less than the 23 billion stated by the Finance Minister as the total cost of the clean-up exercise and thus cannot constitute 96% payments.

In the controversial banking sector clean-up, the government revoked licenses of some 8 banks, over 400 small and micro institutions and some 23 savings and loans companies. 

Most of the collapsed banks were absorbed by a newly created entity called the Consolidated Bank Ghana. The minority is convinced that some cronies of the government are behind the bank and are demanding to know who the true owners are.

Responding to the minority’s demands, majority member on the Finance Committee, Effah Anthony explained that the Auditor-General (A-G)has the responsibility of auditing monies released by the Finance Ministry for special purposes and until the A-G is done with the audit, the minority only seek to subvert the A-G’s work. 

He also says CBG belongs to every Ghanaian and that the minority could check from the registrar general’s department on the specific shareholders of the bank.