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Business News of Tuesday, 28 July 2020

Source: GNA

NDC will unlock funds in collapsed financial institutions in a year - Mahama

John Dramani Mahama, former president of Ghana John Dramani Mahama, former president of Ghana

Former President John Dramani Mahama says the National Democratic Congress (NDC) upon assumption of office, would pay all locked up funds in collapsed financial institution within a year.

"We shall pay within one year all who have funds locked up with the collapsed financial institutions," the NDC flagbearer, said.

He told the top brass of the NDC and dignitaries that the party shall not put up any long-term payment plans that would further worsen the living conditions of the victims.

Mr Mahama was speaking at the outdooring ceremony of his running mate, Professor Jane Naana Opoku-Agyemang, in Accra.

He said, as introduced in other economies, the next NDC Administration would establish a Financial Services Authority that would be responsible for ensuring that consumer financial markets worked for consumers, providers and the economy as a whole.

He said the Authority would oversee all financial products and services offered to consumers and would effectively and efficiently prevent and stop the challenges that had confronted customers of Menzgold and DKM among others.

"We will restore Ghanaian indigenous investment in the banking and financial sector through a tiered banking structure in order to restore viable credit sources for Ghanaian SMEs," he added.

The Presidential Candidate said the party would make amends for those whose businesses had collapsed due to political victimization.

"We will make immediate arrangements to pay contractors whose hard-earned monies have been deliberately withheld by the Nana Addo administration due to politics," he said.

He said the NDC's economic plans included an aggressive job and entrepreneurial programme in the public and private sector that would deliver "a minimum 250,000 jobs every year, a total of 1,000,000 jobs across the country by the end of my term in office in 2024."

"We will put Ghanaians to work to earn a decent living," Mr Mahama said.