Member of the Finance Committee of Parliament, John Jinapor, has said that President Akufo-Addo made a wholesale statement when he announced on the floor of parliament that all customers of defunct financial institutions will be paid in full.

He said the President failed to explain that the payment will not include interest and the principal will be spread over a period of time.

Speaking on Okay FM’s 'Ade Akye Abia' Morning Show, the former Deputy Minister of Energy alleged that the Receiver of the defunct banks in a statement has mentioned that a certain percentage of the customers will not receive all their monies upfront as some will be converted into bonds.

"It was a wholesale announcement to pay all customers . . . I am part of the Finance Committee of Parliament and it was made clear that not all the monies will be paid, the interest will be cut-off and that even the principal, they want to spread it over a period of time,” he disclosed.

He mentioned that most of the locked-up money of the defunct Financial Institutions is due to government projects which have not been paid, as such the government should have been patient in collapsing some of them.

He reiterated that the Akufo-Addo led government made a poor decision in collapsing the Financial Institutions, killing the confidence of customers.

He stressed that the banking sector strives on confidence and the government decided not to boost the confidence of the people, creating panic withdrawal from the various banking institutions.

President Akufo-Addo has announced in his fourth State of the Nation Address that his Government has made available an extra GH¢5 Billion to pay affected depositors of failed financial institutions “a 100% of their deposits”.

In a surprise move, the President also said that depositors affected by the collapse of DKM, a microfinance company will be paid in full after validation.