Depositors of collapsed banks bare teeth as Mahama slams Akufo Addo for failing to pay them

The Coalition of People Affected by the Banking Collapse has expressed their disappointment in the government for its seeming shortchanging of depositors of collapsed banks and financial institutions.

The coalition say government’s new proposal that asks depositors to accept either a 5-year bond or forfeit 50% of their locked up funds is unacceptable as that will further exacerbate their sufferings.

In an interview on Global FM’s breakfast show, the Global Morning Show, Friday June 19, 2020, Convenor for the group, Mr. Nicholas Sadaari, said if the government does not review and initiate alternative plans to effect payment of their hard-earned investment after two weeks, they will picket the Jubilee House and will only leave when full payment is done to each one of them.

The government in 2017-2018 undertook reforms in the banking and financial sector to clean up the sector, leaving financial institutions stronger. The president has since assured depositors of the affected institutions that their monies will be safe and paid in full. According to Mr. Sadari, this was a promise that he and his colleague depositors had held onto, especially so when the president himself had made this promise to them on many occasions.

He said government’s financial sector cleanup exercise has affected liquidity in their micro-businesses thereby rendering them jobless as lives and properties have been lost as well.

”Through this action, the government has rendered us depositors impotent, useless and redundant while some wives have deserted their husbands for their failure to perform their duties,” he lamented.

“Then after many of us agitated that we can’t wait for 5 years and want our monies now, government tells us to take the bond to the Consolidated Bank of Ghana who will discount it by 50% and pay that to us whilst we forgo the remaining; this is unacceptable. If after two weeks we don’t receive any favorable revised payment plan from the government to refund and pay us all our monies, we shall besiege the Jubilee house and occupy it till they pay us our money. We have duly served our notice,” he added.

Meanwhile the former president, John Dramani Mahama, has accused President Akufo Addo of failing his promise of making full payment to the affected depositors. In a live Facebook broadcast, Mr. Mahama chastised president Akufo Addo for reneging on his promise, something that, according to the former president, has become characteristic of the president.

“President Akufo-Addo promised to refund the monies of all depositors in full. Unfortunately, it appears that like almost everything else promised by his administration, it was all words and not backed up by deeds.

Depositors and investors were shocked to learn that they were only to receive a percentage of their deposits and have the rest placed in zero-rated five-year bonds. This is unacceptable. What would be the value of their investments in five years’ time? If government paid up on these deposits and investments, there would be no need for the stimulus package we are applying now,” he said.

He assured that a government under his leadership will roll out a programme for reinstating indigenous Ghanaian investment in the financial sector of the country.

 

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