Financial sector clean-up costing taxpayer over GHS14 billion – Gabby Otchere-Darko

A leading member of the governing New Patriotic Party (NPP) and Founder of think tank, Danquah Institute, Gabby Asare Otchere-Darko has said it is costing in excess of GHS14 billion of taxpayers’ money to fix the crisis in the financial sector.

He said such a huge amount could be used to develop other sectors of the economy if not for the negligence of the previous administration in stopping the rot in the first place.

Mr Otchere-Darko’s comment comes on the back of Bank of Ghana’s cleanup exercise in the banking and finance sector, which has so far led to the revocation of the licenses of about 420 financial institutions.

In a social media post Wednesday morning, Mr. Otchere-Darko said, “It is costing in excess of GHS14 billions of your money, as taxpayers, to fix the crisis in the financial sector. First, there is no doubt that the mess swept under the shredding carpet before 2017 had to be fixed. Since 2015, several depositors had been struggling to get their own cash from insolvent banks, S&Ls, etc. This Govt and the new leadership at BoG decided to put nation first and fix it.”

According to him, the alternative (NDC) which Ghanaians should avoid in the 2020 general election sat aloof while the rot in the financial sector piled up.

“Remember, the very alternative which we say is still scary was the very Govt that less than 4yrs ago decided, as a leadership choice, to look elsewhere when the mess was all piling up,” he wrote.

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