Former President John Mahama has criticised government for choosing a chaotic path in addressing the challenges in the financial sector.

According to him, the state could have explored alternatives that could have reduced the burden and despondency that have afflicted customers and employees of financial institutions.

In his maiden live Facebook encounter, Mr. Mahama said a future NDC government will create systems that will continue to monitor and provide timely support for struggling financial institutions instead of collapsing them.

“This is not the first time we are having challenges in our financial sector…our central bank chose to use a chaotic resolution and has created challenges for a lot of people,” he said.

Mr. Mahama also called on the government to lift the veil on the beneficial owners of the Ghana Amalgamated Trust.

Bank of Ghana on Friday, 16th August, 2019, revoked the licenses of 23 savings and loans companies.

This follows a similar action a year ago when the regulator in 2018 ordered a purchase and assumption agreement that saw GCB Bank subsumed UT and Capital Banks. Five other banks were closed down completely in their stead, forming Consolidated Bank Ghana.