Former Communication Director of the New Patriotic Party (NPP), Nana Akomea has questioned the credibility of former President John Dramani Mahama.

He stated that the inability of the Mahama-led administration to pay off the few hundreds of customers of defunct DKM Microfinance makes their promise to pay over 4 million depositors of collapsed banks doubtful.

Mr Akomea criticised the National Democratic Congress (NDC) who called out customers of the same company, stating that tax payer’s money can’t be used to pay them after their bad investment choices.

“Where is the credibility? When you tell us you will pay depositors’ fund – 4 million people. You couldn’t pay DKM who are just a couple of hundreds. They said they paid some but not all of them,” he said.

The former Member of Parliament for Okaikwei South was speaking at a press conference organised by the NPP under the theme: “Payment of depositors”.

Meanwhile, he hailed the current government’s interventions to solve the banking sector crises by merging some banks and trying to pay all affected customers.

“Their fervent cries for help from the government touched the heart of President Akufo-Addo. Monetary value of ¢ 3.56 billion has been made available by the Central Bank to pay cash to all these depositors who had been issued bonds redeemable in 5 years,” he said.

On May 31, 2019, 347 microfinance companies had their license revoked by the Bank of Ghana as part of the financial sector cleanup.

In August 2019, the Bank of Ghana also revoked the licenses of 23 insolvent Savings and Loans companies and Finance Houses.

These actions were in line with Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the license of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.