Former President John Dramani Mahama has reaffirmed his position that, if he is elected president again, indigenous ownership in the financial industry must be reinstated.
On May 22, Mr. Mahama said, "The trend where foreigners dominate the financial sector in Ghana must be reversed." He was speaking at the 7th Ghana CEO Summit in Accra.
We must reestablish indigenous Ghanaian investment in the finance and banking industry and establish a tiered banking system to fund various company market segments, he added. "We can do better, let us work together to overturn the status quo.
We don't require every bank to have the same capitalization or be a Category A bank, he continued. Different business sector sectors can be financed at various levels of capitalization.
Before, he promised 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).
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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 he 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.”