Former Finance Minister Dr. Mohammed Amin Adam stated that the banking sector cleanup exercise initiated by the Akufo-Addo administration was well-intentioned and aimed at addressing the challenges within the financial sector. He emphasized that the banking sector emerged stronger as a result of this exercise. Dr. Amin Adam was responding to criticisms from the Mahama administration regarding the previous government’s handling of the financial sector cleanup.
Mr Mahama had promised to restore the licences of the banks that in his view, were unjustly revoked. “The banking sector cleanup was well-intended. Despite the DDEP effects on local banks, the financial sector has become stronger,” he said during a press conference in Accra on Monday, March 3 to respond to the State of the National address delivered by President John Maham on Thursday, February 27.
Former President John Dramani Mahama criticized the previous leadership of the Bank of Ghana for how the banking sector clean-up exercise was conducted. This exercise resulted in the closure of several financial institutions. During the swearing-in ceremony for the new Governor and Deputy Governor of the Bank of Ghana on Tuesday, February 25, Mahama expressed concern that the decisions made during the banking sector reforms had severe consequences for individuals and families.
“During the supposed banking sector clean-up exercise, the Bank of Ghana had the opportunity to salvage some institutions to protect livelihoods while ensuring stability, but instead, an approach that ignored human consequences prevailed. Thousands of jobs were lost and lives disrupted because decisions were made with a narrow focus rather than considerations of the human impact,” Mahama said.
The President charged the Bank of Ghana’s new leadership to extend beyond technical expertise and urged them to consider the human aspects behind the financial statistics. Mr. Governor and Deputy Governor, in discharging your mandate, you must go beyond mere technical considerations and act in full recognition that every statistic, every movement on a chart, and every shift in an index is more than just data.
“It is the pulse of an economy, a measure of resilience or distress. Behind numbers are real human stories, dreams either nurtured or shattered, demanding not just your highly extolled analytical expertise, but empathy and foresight that acknowledge the profound human consequences of every decision,” he added.
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