The Assin Central Member of Parliament has once again eulogized the critical intervention of the financial house cleaning by President Nana Addo Dankwa Akufo-Addo, siting it is one of the biggest achievements under the tenure of the President since assuming power in 2017.
The MP who is also the group chairman of Kencity Media Ltd, made these claims during his presentation and contribution to the debate on the state of the nation address delivered by President Akufo-Addo last week.
The financial sector cleanup which started in August 2017, reduced banks in the country to 23, savings and loans companies reduced to 25 from 40, finance houses to 11 from 19, and micro-finance and micro-credit lenders to 168, from 554. This resulted in receivers been appointed to continue the clean-up processes and pay disgruntled depositors.
So far, according to the Finance Minister Ken Ofori Atta, over GHC14 billion has been spent on the financial rescue mission.
Hon Kennedy Agyapong in his presentation said without consolidating the collapsed banks, the economy of the country would have been in dire straits, comparable to struggling economies like Venezuela and Lebanon.
Hon Kennedy Agyapong said it seems Ghanaians are taking the fortunes of the economy for granted, saying it was a deliberate effort by government to keep the economy of Ghana buoyant.
He said the intervention to save about 1.8 million depositors funds, has saved the nation from being destabilized economically, expressing his surprise at the failure of citizens to appreciate the efforts of the President in the face of what could have been a huge mess created by the NDC.