Save the Banking sector – Chief Biney to ‘prophet’ Bawumia

A Communicator of the National Democratic Congress (NDC), Chief Biney Hamilton Nixon has appealed to the Vice President, Dr Mahamudu Bawumia to use his ‘prophetic’ skills to save the collapsing banking sector which he predicted whiles in opposition.
Chief Biney speaking on Asempa FM’s Ekosii Sen Wednesday said the call stems from the fact that the Vice President while in opposition predicted the collapse of eight banks which he claimed were in distress.
And three out of the number, Chief Biney said has ‘fallen to the sword of financial mismanagement’ under the NPP government.
“…I want to appeal to prophet Bawumia to tell us the remaining five banks so we will know what to do…he should use his economic skills to save the collapsing banking sector,” he said.
In one of his lectures dubbed: ‘State of the Ghanaian Economy: A Foundation of Concrete or Straw?” in the heat to the 2016 general elections, Dr. Bawumia predicted that quite a number of commercial banks were on the verge of collapsing due to fragility in the Ghanaian economy.
He went further to state that significant rise in bad loans has had a rippling effect on the banking sector and that if the banks were asked to provide fully for all bad loans captured in the books, quite a number of them would not survive.
Although he did not mention names, he said “Eight banks were identified to exhibit significant weaknesses, with capital adequacy ratios below 10% (Some below 5%) and nearing collapse.”
Chief Biney said Ghanaians who voted for Dr Bawumia will be disappointed that he has failed to work work to resurrect the collapsing banking sector.
“Before elections, Dr Bawumia claimed that eight banks were in distress, and that caused people to vote for him and the NPP but today, he has watched on as the three has collapsed and people who voted for him based on this will feel disappointed,” he said.
The aspiring NDC Deputy Organiser therefore called on Dr Bawumia to up his ‘financial management skills’ to save the country’s sinking banking sector.