Vice President, Dr. Mahamudu Bawumia says although the financial sector clean-up was painful due to the impact it had on workers and depositors, the process was needed to save the sector from total collapse.
Addressing the ongoing 11th Quadrennial Delegates Conference of the Industrial and Commercial Workers’ Union, ICU, Ghana, he said the government had no choice, but to take the decision and this has saved about 4.6 million depositors from losing their monies.
President Bawumia said the exercise undertaken by the Bank of Ghana was important as the financial sector nearly collapsed.
He explained that “we had to pay 21 billion Ghana cedis to save depositors at the bank, the question of course arises; was this too bitter a pill, did the bank of Ghana go overboard?; but you had situation where, you had a cancer and it’s on your toe and if you don’t cut it off it is going to spread and we had to cut it off and made sure we took the decision.”
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General Secretary of the Industrial and Commercial Workers’ Union, Ghana, Solomon Kotei in an address commended the government for the prompt response to the Covid 19 pandemic which minimized the impact on Ghanaians.
He however appealed to the government to help members, as the pandemic coupled with the 2017 financial clean-up have led to numerous job losses.
Mr. Kotei also appealed to the government to scrap overtime which is a dis-incentive to workers.
Source: ATLFMNEWS
