Former Ghanaian President John Dramani Mahama Vows to Restore Indigenous Ownership in Financial Sector

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Former Ghanaian President, John Dramani Mahama, has emphasized his commitment to restoring local ownership in the financial sector if he regains the presidency.

During his address at the 7th Ghana CEO Summit in Accra on Monday, May 22, Mr. Mahama highlighted the need to reverse the dominance of foreign entities in Ghana’s financial sector. He called for collaborative efforts to restore indigenous Ghanaian investment in the finance and banking industry, advocating for a tiered banking system to cater to different segments of the business market.

“We must work together to change the current situation. We need to restore indigenous Ghanaian investment in the finance and banking sector and establish a tiered banking system that can cater to various business segments,” he stated.

Mr. Mahama further emphasized the importance of diverse capitalization levels to finance different sectors, expressing that not every bank needs to operate as a Category A bank with the same level of capitalization.

Additionally, he reaffirmed his promise to reinstate the licenses of banks that he believes were unfairly collapsed during the Bank of Ghana’s recapitalization exercise.

During his formal acceptance speech at the University of Development Studies (UDS) on Monday, May 15, following his victory as the National Democratic Congress (NDC) flagbearer, Mr. Mahama outlined his plans to promote local participation in various sectors, including banking and finance, telecommunications, tourism, mining, agriculture, and manufacturing. He emphasized the importance of creating sustainable employment opportunities for the youth.

“We will restore indigenous Ghanaian investments in the finance and banking sector and establish a tier banking system to serve different market segments. We will provide opportunities for those who lost their jobs in the banking sector to regain their careers and move away from menial jobs,” he stated.

Mr. Mahama also expressed his intention to restore banking licenses that were unjustly canceled by the current government, as far as practicable.

Note: Quotes have been retained without synonyms as they are direct statements.




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