Group of collapsed banks and financial institutions support Mahama’s bid

The Defunct Banks and Other Financial Institutions Network (DEBOFIN) have thrown their support behind the quest of former President John Dramani Mahama to lead the National Democratic Congress (NDC) in the 2024 general elections as a presidential candidate.

According to them, if the former President had won the 2016 presidential election, the management of the banking sector clean-up under his leadership would have been better carried out to save lives and jobs, secure people’s investments and businesses whilst at the same time increasing business confidence.

The Executive Secretary of DEBOFIN Thomas Ayisi Kumah said “The entire membership of DEBOFIN welcome with great joy and relief, the decision of the former president John Dramani Mahama to contest for the flagbearership of the National Democratic Congress and eventually the 2024 presidential elections.

"We acknowledge his extensive leadership, experience and in-depth knowledge espoused from the regulation of the microfinance subsector in 2012 to the challenges in the banking sector, beginning with the passage of the depositors’ protection ACT 2016. ‘Building Ghana we want’, is to build strong institutions including, building strong indigenous Ghanaian Banks and non-banks to be able to support the private sector for growth.

“It’s not about creating an economy that favours only foreign investments and businesses, neither is it only about building a financial service sector to satisfy the business interest of a few Ghanaians holding political power.

“We believe that had Ghanaians renewed John Dramani Mahama’s mandate in 2016, management of the banking sector clean up under his leadership would have been better carried out to save lives and jobs, secured peoples investments and businesses whilst at the same time increased business confidence.

“We however, on the contrary, express much regret on the part of the former finance minister, Dr Kwabena Duffuor – a victim of the bank closures for his extreme muteness and restraint in criticizing the current government for the mismanagement of the sector and the economy at large.

“Indeed, Ghana at this time needs ‘experience but not experiment’. We, therefore, call on delegates of the National Democratic Congress (NDC) to give the former president, John Dramani Mahama a resounding victory in their upcoming presidential primaries to enable him to rescue this country from the corrupt and incompetent NPP government to build the Ghana we want together.”

Launching his campaign in Ho on Thursday, Match 2, 2023, John Mahama said “We will strictly enforce prudence and responsibility in the management of public finances by cutting out waste and ostentation, which have become commonplace under this administration.

Together, we will build the Ghana we want. We shall restore faith in our almost collapsed financial system and embark on sweeping reforms at the Bank of Ghana.

“We shall actively pursue policies to ensure robust local participation in our banking, financial, telecommunications, mining, agriculture, agribusiness and manufacturing sectors. This will be anchored on our plan to grow the economy and create sustainable employment for our youth,” Mr Mahama added.