By: Jerry John Akornor/www.africanakua.com, Ghana
Presidential Candidate of the Ghana Union Movement (GUM), Rev. Dr. Christian Kwabena Andrews, popularly known as Osofo Kyiri Abosom has pledged commitment to restore state owned enterprises and collapsed banks, microfinance and other financial institutions when elected as president.
The Akufo-Addo-led administration saw the collapse of banks, microfinance, fund management companies and other financial institutions under the policy known as the banking sector clean-up exercise. The said clean up exercise according to many has increased unemployment, job loses, lock-up of depositors funds leading to unbearable hardships on Ghanaians.
In all, the licenses of nine commercial banks, 2 finance houses, 386 microfinance and microcredits companies, 53 fund managers, 23 savings and loans firms were revoked as part of the banking sector cleanup exercise due to breaches of Act 930 coupled with severe impairments of their capital and inability to meet the regulator’s new minimum capital. The crisis negatively lowered investor confidence in the financial sector affecting the investment banking sub-sector.
Speaking to Africa Nakua’s Jerry Akornor in Accra, Osofo Kyiri Abosom said “Unlike the NPP and the NDC, Ghana Union Movement will restore state owned enterprises, collapsed banks to owners and that is the difference between GUM and NPP, NDC”.
The GUM flag bearer has also vowed to optimize Ghana’s natural resources without loans for the benefits of the citizenry.
He told Africa Nakua that “The difference between the NPP and the NDC is that we’ll use the country’s natural resources to develop Ghana without collecting loans”.
According to him proceeds from the country’s natural resources will be used to lift up economic status of Ghanaians to alleviate poverty.
“Our agenda is to develop Ghana by providing quality education, economic empowerment, enabling environment, gainful employment, creative opportunities for young men and women to invent, innovate and optimise Ghana’s natural resources for the benefits of the citizenry”.
With exactly nine days to the December polls, the flag bearer of Ghana Union Movement is expected to tour the Oti Region as part of electioneering campaigns this weekend.