Customers of Collapsed financial Institutions promise John Mahama their votes
Some customers of collapsed financial institutions have promised to rally for Former President John Dramani Mahama come December 7 2020 general elections after he promised to pay their locked up money in one year should he win.
“I think the offer that President Mahama is offering is the best on our table. The only thing this government can do to stop us from running behind John Mahama is for them to pay us our full money between now and December”. Public Relations Officer of Collation of Aggrieved Customers of Collapsed Fund Management Companies Mr. Charles Nyame told Newstimesgh.com in an interview.
This warning from the association comes in response to government decision to refund their locked up money in fivers years beginning with only 30% of the total money owed them.
Members of the association also feel that the Nana Addo government has neglected them for long.
“We have been segregated, we have been marginalized and we are not happy at all”.
“For two years now, it’s was just this year that the Finance Minister made mention of our issue in this year’s budget review”, Mr Nyame said adding that the “allocation on their issue which amount to GHC 3.1 billion is just 30% of the total debt spelt out by government is too small”.
Mr. Charles Nyame further charged government of given them zero coupon bond for five years instead of the one year payment plan by the opposition leader John Dramani Mahama.
Meanwhile, former President John Mahama has promised these customers their money are going to be paid in full within one year when he comes into office in 2021.
“While delivering his address to outdoor his running mate for the 2020 elections, Mr. Mahama said within the first year in office, we shall pay all the beneficiaries all funds locked up in the collapsed financial institutions and it is a promise. We shall not put together any long term payment plan that will further worsen the living conditions of the victims”
Therefore, “when we are counting from now, it is going to be 16 months and customers will realize all their locked up funds. If we consider time value for money, I think the offer that President Mahama is offering is the best on our table”.
“The former President Mahama has annulled every approach the Nana Addo led government is using to pay customers”, the collation has said.
Mr. Nyame who was furious in his interaction with the media noted that, the only option left for them to rally behind the NPP if for them to pay them in full between now and December.
Akufo Addo’s government commence banking Cleanup
The financial sector cleanup commenced by the Akufo-Addo administration in August 2017 led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or money lenders, 15 savings and loans companies, eight finance house companies, and two non-bank financial institutions.”
The Securities and Exchange Commission (SEC) also announced the revocation of licenses of 53 Fund Management Companies.
The total estimated cost of the state’s fiscal intervention, excluding interest payments, from 2017 to 2019 was pegged at GHS16.4 billion.
The collapse of the institutions left clients in distress as many of the customers have been struggling to retrieve their savings and investments
Source: Joe Marfo