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Akufo-Addo’s promise to give you a bailout a political gimmick – Adongo to victims of banking sector cleanup

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Isaac Adongo, Ranking Member on Parliament’s Finance Committee, has asked persons who suffered from the government’s financial sector cleanup not to attach any seriousness to the President’s promise of granting them a bailout.

The Finance Minister, Dr. Mohammed Amin Adam, speaking at a Townhall meeting in London Saturday, June 22, 2024, noted that government was going to release GHC1.5billion between June and October to individuals who invested their funds in the institutions that were affected by the clean-up.

But speaking to journalists in Parliament Wednesday, June 26, 2024, Mr. Adongo described the directive from the government as political gimmick.

He notes a similar directive was issued in 2020 prior to the general elections but the implementation did not see the light of day.

The MP added that the provision has not even been captured in the budget.

“I did a lecture at KAMA Conference Center. And at that program, I told you that I had received a call from His Excellency John Dramani Mahama, saying that I should tell the people of Ghana that when he wins power, he will pay everybody. You remember? Immediately, they went and issued papers.

“They gave everybody a bond. What happened to the bonds? 2024 is another election. They have forgotten that 2020, they made that promise,” the lawmaker asserted.

He also disclosed that although allocations were made for the sum that was promised in 2021 budget, the money was never paid and the provision disappeared from subsequent budgets.

“In 2021, in the budget, and the other government obligations, they budgeted for 5.5 billion Ghana cedis to pay off those fund managers, people who were owing [but] not even a dime was released.

“So how can you budget 5.5 [billion cedis] a couple of years ago? You have not paid the debt. The debt is not accumulating any interest. And this time, you haven’t paid, but the debt becomes 1.5. Does it make sense?” the legislator questioned.

He added that, “at the time you said 5.5, it was 8 billion and you said, at least we’ll pay them in tranches. So let’s do 5.5 in 2021. 2022, it disappeared from the budget, 2023, it disappeared from the budget, 2024, it disappeared from the budget. Then suddenly, the President who has brought a budget here and has been approved without provision says that I will conjure some 1.5 billion outside of the appropriation. I am going to commit even an illegality, even though we don’t even trust you, how did GHC5.5, 8 billion, become 1.5?”




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