Renowned Economist, Kwame Pianim has said the governing New Patriotic Party (NPP) will face it tough to win the 2020 presidential and parliamentary elections.
Kwame Pianim said the banking and financial crisis that has caused customers to either lose some or all of their deposits and investments, as well as the Securities and Exchange Commission's halting of gold dealership firm Menzgold Company's operations, will affect the NPP.
According to the economist, "The Banking Supervision of the Bank of Ghana, which was complicit and then some individuals who the Bank of Ghana said were fit and proper people to be shareholders in the banks who decided to use their banking license to steal people's deposits to finance themselves."
He said the government "spent a lot of taxpayers' monies to pay for some of these difficulties."
Narrating the ordeals with difficulties with the banks in an interview on Accra-based Citi FM, he said "I have friends, decent people who have worked 70 years of their lives for this country, their pensions were put on deposit with some of these so-called distressed banks; they are now being asked to go to the receivers – you have one million, two million cedis that you were using the interest to finance yourself – they say go and collect GH¢20,000, GH¢10,000. They [customers] have done nothing wrong.
My suggestion was that: ‘Pay them’. Let the Bank of Ghana – even if it has to print money – because this is not inflationary, it’s earned money; my earned money in the bank. So, you give me the deposit and the new bank is there, I can take it."
He accused the NPP of stealing money from Ghanaians.
"But we are making it difficult for the NPP to win this election by stealing money from decent citizens – because that’s what you're doing – you're stealing money from them.
"So, if we set up a Distressed Banks Assets Recovery Trust, then the Ghanaians would know that the monies we are paying to them, we are going to sell the assets of these people who stole their fixed deposits to repay and deduct from the taxpayer," he added.
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