Ghana’s Economy Is In A Big Hole, Financial Institutions Are Crumbling – Dr Assibey-Yeboah

Former New Patriotic Party Member of Parliament for New Juaben South, Dr Mark Assibey-Yeboah has stated that Ghana’s economy is currently in a deep mess.

According to the former member of Parliament, Ghana’s economy is in a state of shock. The country is experiencing the worse economic hardship since independence.

 He asserted that the struggling economy is leading to the failure of banks and the entire financial sector. Financial institutions are collapsing.

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Speaking on the Business Focus with Paa Kwasi Asare on TV3 Monday, January 16, Dr Assibey-Yeboah cited that we are in a hole, you have individual bondholders going to be affected. The financial sector is going to crash. I am telling you now, where we are as a country, this is not the time to massage issues. Several banks are about to collapse.

If a bank is exposed to government bonds to the tune of GHS2 billion. If you have 20 per cent, that is 400 million Cedis in interest payment you forgo, do you know what that will do to your balance sheet? So banks are going to lay people off.

Speaking about the domestic exchange, stated that the deadline will be pushed forward again. Before government engage stakeholders properly, it will not work.

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Individual bondholders had expressed dissatisfaction with the Programme, accusing the government of failure to engage them. Before the introduction, individual bondholders believe in the promise of the government.

Your DDE as proposed for Individual Bondholders takes away our liberty to self-sustain, mocks hard work, and robs us of legally acquired property. None of these reflects the tenets of good governance. He said.

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