There is no point cosmeticising the depression the banking and financial sector went through under the NDC. The sector hit rock bottom under the eight years of NDC rule.
The sector was run aground with no hope of resurrection at the tail end of Mahama’s administration.
To salvage the situation, the Akufo-Addo administration had to take the boldest of steps to sanitize it. This led to the banking sector reforms which saw the clamping down of some empty banks and bringing forth CBG to help keep depositors savings safe.
While there may have been some numbers that have lost their jobs, if the reforms had not been activated, millions would have lost their investments.
The gains out of these reforms far far outweigh the losses we have seen. It was more than a necessary evil for the reforms to come than to sit on the fence for Ghanaians to suffer fates not borne out of their mistakes but poor economic management style of the then administration.
The dividends, as have already been articulated, have been enormous. The sector that was growing at a snail’s pace is now growing rapidly, beating analysts expectations and projections.
As of October 2019, the Bank of Ghana has reported that banks in the country made a total of GHS2.83 billion in profits. This figure represents 45.3% in relation to 2018’s figure.
Banks’ total assets grew more than 13% to GHS121 billion in October 2019. Deposits in the sector totalled GHS78.9 billion in October due to renewed confidence in the banking sector as a result of the reforms carried out by the Bank of Ghana.
These figures sharply contrast the gloomy outlook the NDC has been painting over the past two years. They collapsed the sector, President Akufo-Addo has reincarnated it.
P.K.Sarpong, Whispers from the Corridors of the Thinking Place.