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The National Democratic Congress (NDC) has expressed worry about the Bank of Ghana’s financial sector clean-up.

According to them, these clean-ups are causing various forms of unemployment which are gradually crippling and affecting the economy.

Speaking on Okay FM’s 'Ade Akye Abia' program, Member of Parliament(MP) for Bia East Constituency, Richard Acheampong explained that the number of people who have lost their jobs due to the BoG clean-up is worrying.

He added that the situation would not have been the same if the NDC was in power.

The NDC under the leadership of former President John Mahama began the processes to begin the clean-up.

He added that the approach used by the Bank of Ghana for the clean-up was very wrong and that the NDC would have approached it differently if they were in power.

He also urged the Bank of Ghana to strengthen their communication section to enable customers have hope and trust in them.

"Currently, over 4,000 workers have become unemployed due to this clean-up processes," he said.

Background

The Bank of Ghana says it has completed its clean-up exercise of the banking and specialized deposit-taking (SDI), and non-banking financial institutions (NBFI) sectors.

This was contained in a detailed statement issued by the central bank announcing the revocation of licenses of 23 savings and loans company today {Thursday].

The statement from the BoG said, "the Bank of Ghana has with effect from today, completed the clean-up of the banking, specialized deposit-taking (SDI), and non-bank financial institutions (NBFI) sectors which began in August 2017.”

According to the BoG, it has revoked the licenses of 9 universal banks, 347 microfinance companies, 39 microcredit companies, 15 savings and loans companies, eight finance house companies, and two non-bank institutions.

The statement said: ”This follows the revocation of the licences of nine (9) universal banks, 347 microfinance companies (of which 155 had already ceased operations), 39 microcredit companies/money lenders (10 of which had already ceased operations), 15 savings and loans companies, eight (8) finance house companies, and two (2) non-bank financial institutions that had already ceased operations.”