Banks that were collapsed due to ‘proven political’ reasons should be restored – Pianim

A renowned economist Kwame Pianim has said that if it is proven that some of the banks that went under during the recapitalization exercise collapsed due to political reasons then the licenses of those banks should be restored.

Speaking in an interview with TV3’s Paa Kwasi Asare, Mr Pianim said “Licensed Banks which are proven to have been revoked for political reasons should be reversed.”

His comment comes on the heels of the promise given by former President John Dramani Mahama to restore the licenses of the banks that, in his view, were unjustly collapsed during the recapitalization exercise undertaken by the Bank of Ghana (BoG).

Delivering his formal acceptance speech at the University of Development Studies (UDS) on Monday, May 15 after his victory as flagbearer of the National Democratic Congress (NDC) on Saturday, May 13 Mr Mahama said “we shall promote robust, local participation in our banking and financial, telecommunication, tourism, mining and agric and manufacturing sectors to grow our economy and create sustainable employment for our youths.

“We will restore indigenous Ghanaian investments in the finance and banking sector and we will create a tier banking system that will serve various segments of the market.

“We will give the opportunity to experience banking hands who were laid off needlessly to secure their careers once more and move away from the menial jobs that they were compelled to take.”

“As far as practicable the banking licenses that were unjustly canceled by this government will be restored.”