Lawyer Kwame Owusu Danso, the running mate of John Alan Kwadwo Kyeremanten, has slammed President Nana Addo Dankwa Akufo-Addo for collapsing several banks in 2020.

According to the Movement for Change Vice Presidential Candidate, the action taken by the Akufo-Addo government caused more harm than good.

“The truth is that it created an economic crunch. There was no way the government could revive these banks after they collapsed. Some of the reasons for the collapse of the banks were unreasonable,” he bemoaned during an interview on Kingdom FM.

According to him, the decision taken by the President was for his personal gain to the detriment of the generality of Ghanaians.

Kwame Owusu Danso berated the President for ruling like a king and not a leader, adding that every leader should feel the pain of his people and provide practical solutions to the problems the citizens are facing.

In 2019, a total of 16 universal banks that once operated in the country were dissolved as part of measures taken by the Bank of Ghana to cleanse the banking sector and make it more robust.

The Bank of Ghana (BoG) in 2017 embarked on a comprehensive reform agenda to strengthen the regulatory and supervisory framework for a more resilient banking sector.

While some banks had their licences revoked, others have merged due to their inability to raise the 400 million-cedi minimum capital requirement as of December 31, 2018.

For other banks, the central bank revealed that they acquired their licenses fraudulently and through the use of non-existent capital.