Bank Clean Up Exercise Is The Most Reckless, Inhuman Option – Minority

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The Minority in Parliament has described the approach adopted by government in the banking and financial sector clean up as the most reckless and inhumane option.

According to them, government could have adopted a better reform option rather than creating a mess that has heightened hardship in the country.

Addressing the media in a pre-budget briefing, Ranking Member of the Finance Committee Cassiel Ato Forson, noted that the finance minister must come out with steps to address the non-payment of depositors.

“The approach adopted in the so-called banking and financial sector clean-up is the most reckless and inhuman option.”

“Contrary to initial assurances that depositors’ funds will be protected, and jobs will be saved, the Minority notes that none of these assurances have been kept. The mess has further aggravated the unbearable hardships Ghanaians are currently experiencing with the overall negative effect on larger Ghanaian economy yet to be thoroughly quantified. We expect the finance Minister to put out concrete measures to address non-payments of depositors and the salvaging of jobs in this last Budget of the Akuffo – Addo government.

“Times are really hard, and you must act, Mr. President. The hardship is real and not cosmetic like your macroeconomic indices that cannot translate into improved livelihoods,” he added.

Finance Minister, Ken Ofori-Atta will on Wednesday, November 13, 2019, present the 2020 budget and financial statement to parliament.

Meanwhile, the Finance Committee of Parliament has said that it does not expect the introduction of new taxes in the yet-to-be-read budget.

The Chairman of the Committee, Dr. Mark Assibey-Yeboah said the introduction of a new tax may burden the Ghanaian populace.

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