Flagbearer of the National Democratic Congress (NDC) for the next election, John Mahama, has promised to pay customers of all collapsed financial institutions their locked up funds if given the nod on December 7, 2020.

“I weep for the many who have lost their jobs, the many who have lost their businesses, the many who have lost their livelihood among others. I pledge on behalf of the NDC that we shall pay within one year all who have funds locked up with the collapsed financial institutions. Within one year. I promise,” he said.

John Mahama made the bold promise at an event on Monday, July 27, 2020, to formally outdoor, Prof Jane Naana Opoku-Agyemang as his running mate at the University of Professional Studies, Accra (UPSA).

Mr Mahama also said that his heart goes out to the thousands of Ghanaians who have been affected by what he calls the Nana Akufo-Addo government’s “unjustifiable collapse of Ghanaian-owned financial institutions”.

He also said the next NDC administration will not put up any long-term payment plans that will further worsen the living conditions of the victims of the collapsed institutions.

Mr Mahama further promised to establish a Financial Services Authority to be responsible for ensuring that consumer financial markets work for consumers, providers and the economy as a whole.

He explained the function of the proposed Financial Services Authority: “The Authority will oversee all financial products and services that are offered to consumers, and will effectively and efficiently prevent and stop the challenges that have confronted customers of Menzgold, DKM among others."

He said the next NDC government will restore Ghanaian indigenous investment in the banking and financial sector through a tiered banking structure to restore viable credit sources for local Small and Medium Enterprises (SMEs).

President Nana Akufo-Addo is yet to fulfil a similar promise during the 2016 electioneering campaign that brought him to power.