Former president John Mahama says his next government will pay customers their monies locked up in collapsed financial institutions.

He said the next National Democratic Congress (NDC) administration shall not put up any long-term payment plans that will further worsen the living conditions of the victims of the collapsed institutions.

Speaking at an event in the UPSA auditorium to outdoor his running mate to the country, he said, "My heart goes out to the many who have been affected by this Government’s unjustifiable collapse of Ghanaian-owned financial institutions." 

The NDC flagbearer said it is heart-wrenching to hear government officials justify the huge amounts it is spending to manage the impact of the collapse, now put at ¢21 billion.

"I weep for the many who have lost their jobs, the many who have lost their businesses, the many who have lost their livelihood among others. 

"I pledge on behalf of the NDC that we shall pay within one year all who have funds locked up with the collapsed financial institutions. Within one year.  I promise!" he said amid cheers from supporters.

Mr Mahama said as has been introduced in other economies, the next NDC administration will establish a Financial Services Authority that will be responsible for ensuring that consumer financial markets work for consumers, providers and the economy as a whole.

"The Authority will oversee all financial products and services that are offered to consumers, and will effectively and efficiently prevent and stop the challenges that have confronted customers of Menzgold, 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. We will make amends for those whose businesses were collapsed due to political victimisation," he added.