The Director of Communications for New Patriotic Party (NPP) has advised that government holds transparent engagements with customers of collapsed financial institutions.

Yaw Buaben Asamoa said if a few people complain of not being paid, it creates the impression that all others haven't received their money.

The Adentan MP applauded the recent move by President Akufo-Addo to meet with Dr Ernest Addison, Governor of the Bank of Ghana (BoG) on the progress made in refunding their cash.

He, however, believes this must be extended to the actual customers to prevent a state of confusion on how the monies will be paid back.

"Individuals matter in this numbers game. They deserve to be paid and engaged and directed about what is happening," he said.

Mr Asamoa's comments come after the BoG Governor revealed that over 90% of the total number of customer have been paid with some receiving five-year bonds.

"It's become more or less a question of numbers and designation of those numbers and the transparency to engage the people behind those numbers," he said on Joy FM's Super Morning Show.

Recently, Akufo-Addo stated that the government is spending ¢21 billion to protect investors and depositors to make sure people do not pay for the irresponsible manner in which the banking sector was managed.

Background

The Bank of Ghana (BoG) in 2017 embarked on a comprehensive reform agenda to strengthen its regulatory and supervisory framework for the improvement of the banking sector.

While some banks had their licences revoked, others were merged for their inability to raise the new 400 million-cedi minimum capital requirement as of December 31, 2018.

The Central Bank exposed some banks to have acquired their licences fraudulently and through the use of non-existent capital.

This led to the establishment of the Consolidated Bank of Ghana, in which assets and liabilities of seven collapsed banks were transferred.

In 2019, BoG revoked the licenses of 347 Microfinance Companies and that of 23 Savings and Loans and Finance House Companies, citing insolvency, mismanagement and fraud in some cases.

All these were part of efforts to clean up the banking sector.

Over the years, the government in collaboration with the Bank of Ghana has tried to pay off the customers of these banks and financial institutions