Dec polls: I’ll restore collapsed SOEs, banks if elected President – Osofo Kyiri Abosom

Dec polls: I’ll restore collapsed SOEs, banks if elected President – Osofo Kyiri Abosom

Presidential Candidate of Ghana Union Movement (GUM) Rev. Dr. Christian Kwabena Andrews popularly known as Osofo Kyiri Abosom has pledged to restore State-Owned Enterprises (SOEs) and collapsed banks, microfinance and other financial institutions if elected President in the December 7 polls.

The Akufo-Addo-led administration saw the collapsed of banks, microfinance, fund management companies and other financial institutions as part of banking sector clean-up exercise.

The impacts of the exercise led to job losses, panic withdrawals, unemployment and locked-up of some depositors’ funds.

In all, the licences of nine commercial banks, two finance houses, 386 microfinance and microcredits companies, 53 fund managers, 23 savings and loans firms were revoked as part of the banking sector cleanup exercise due to breaches of Act 930 coupled with severe impairments of their capital and inability to meet Bank of Ghana’s new minimum capital of GHS 400,000.

In an exclusive interview with Class FM in Accra on 26 November 2020, Osofo Kyiri Abosom said: “Unlike the NPP and NDC, Ghana Union Movement will restore state-owned enterprises and collapsed banks to owners and that is the difference between GUM and NPP, NDC. GUM will break their dominance or duopoly December 7”.

Osofo Kyiri Bosom has also vowed to optimise Ghana’s natural resources without loans for the benefits of the citizenry.

“The difference between NPP and NDC is that we’ll use the country’s natural resources to develop Ghana without loans”.

According to Osofo Kyiri Abosom, upon assumption of power, proceeds from the country’s natural resources will be used to improve economic status of Ghanaians to alleviate poverty.

“Our agenda is to develop Ghana by providing quality education, economic empowerment, enabling environment, gainful employment, creative opportunities for young men and women to invent, innovate and optimise Ghana’s natural resources for the benefits of the citizenry,” he said.


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