We don’t want to hear that the GHS 1.5bn to be paid to customers of failed banks had issues – Franklin Cudjoe tells Finance Minister

Founding President of IMANI Africa, Franklin Cudjoe, has told Finance Minister Dr Mohammed Amin Adam that they do not want to hear from the Minister that the 1.5 billion Cedis promised to pay the customers of the collapsed banks, had some issues.

Dr Amin Adam had promised at a town hall meeting held in the United Kingdom on Saturday, June 22 that an amount of GHS1.5 billion will be released to compensate people affected by the banking sector cleanup exercise from now to October.

He says although the government is not responsible for the investment decisions of individuals, it is a caring government hence the decision to earmark the 1.5 billion to compensate them.

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He said ” The question on the money locked out, we are going to pay. We do not take responsibility as a government because when people decide to invest in one bond or one instrument or another government is not consulted, it is an individual decision and when you are investing you know you can make your returns or you can also lose.

“Even, as a government when we invest in euro bonds the market is volatile, we lose, we gain and when we lose we don’t blame America or Britain for losing, we are advised before we invest so it is important for us to establish that foundation that the government will not be held responsible for the investment decisions of individuals but this government is so caring.

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“Mistakes were made and people were not well-informed, maybe they didn’t know who to consult to be advised, but we also know that the people who are affected are suffering, and we have heard that some people have died and others had to commit suicide.

“This government is so caring that in the first place, we granted some bailout to all the affected and I want to tell you again that the President has directed that we do another bailout.

“So between now and October, we will release 1.5 billion Ghana Cedis to the affected people,” he said.

He added “This will not be the entire amount, the entire amount is GHS4billion but we are showing the roadmap, we will do the GHS1.5billion and Insha Allah Dr Bawumia will come as the president and we will do the rest but as we do this we will also be cautioning you that just as we have responsible banks we also have bad banks, you will say that the regulators must ensure we don’t have bad banks but in every house there is a Mensah, so we also have to watch out, let’s study them, let’s assess them, seek advise of financial advisors before we decide where we invest and how much to invest.”

In a Facebook post, Mr Ranklin Cudjoe said “My brother Mohammed Amin Adam l know this is political campaigning season but please the wounds of economic atrophy birthed on fiscal recklessness and highway procurement graft culminating in the ugliest of financial haircuts, demeaning of the self-esteem of our pensioner senior citizens and shepherding almost a million people into hard-core poverty as never experienced in a generation, all supervised by your immediate predecessor with backing vocals from the presidency are fresh on our minds.

“By all means, do your politics, but just stay focused on your caretaker role, which you are doing astonishingly well at. Finally, you promised me you wouldn’t be fiscally wreckless. I do not want to hear after you leave office in 6 months, that the GHS 1.5bn promised to be paid to customers of defaulting banks and financial institutions had issues.

“Infact the $2bn ( GHS 10bn) savings you have successfully negotiated with our creditors so we do not pay our humongous debts until 2026 should be utilised to boost growth to pay for the stayed debt- l will even advice you take the advice of your compatriot and opposite number, Isaac Adongo when he suggests a part of the savings be kept in a sinking fund, to lessen the financial burden from the debt iceberg from 2026.”