Some customers of failed banks express support for Mahama.


Members of the Defunct Banks and Other Financial Institutions Network (DEBOFIN) have endorsed former President John Dramani Mahama's candidacy for the National Democratic Congress (NDC) presidential nomination in the 2024 general election.

They believe that if Ghanaians had renewed John Dramani Mahama's mandate in 2016, the banking sector would have been cleaned up more effectively.

Efforts undertaken to save lives and jobs secured people's investments and businesses while boosting business confidence.

Mr. Mahama launched his campaign on Thursday, March 2 in Ho, Volta Region, for the NDC's presidential nomination.

He stated that the NDC's top priority as it seeks to form a new government in 2025 is to restore economic stability and inclusive growth.

"We will strictly enforce prudence and responsibility in the management of public finances by eliminating the waste and ostentation that have become the norm under this administration. Together, we will construct the Ghana we desire. We will restore confidence in our nearly-collapsed financial system and initiate sweeping reforms at the Bank of Ghana.

"We will vigorously pursue policies to ensure robust local participation in our banking, financial, telecommunications, mining, agriculture, and agribusiness sectors. This will be based on our plan to grow the economy and create sustainable employment opportunities for our youth, said Mr. Mahama.

Thomas Ayisi Kumah, Executive Secretary for DEBOFIN, issued the following statement in response to his campaign launch: "The entire membership of DEBOFIN welcomes with great joy and relief the decision of former president John Dramani Mahama to run for the leadership of the National Democratic Congress and ultimately the 2024 presidential elections. 

We recognize his extensive leadership, experience, and in-depth knowledge from the regulation of the microfinance subsector in 2012 to the banking sector's challenges beginning with the passage of the depositors' protection act in 2016 and beyond. The objective of "Building the Ghana We Want" is to build strong institutions, including strong indigenous Ghanaian banks and non-banks to support the growth of the private sector. It's not about favoring only foreign businesses and investments.

It is not solely about constructing a financial services industry to serve the commercial interests of a few Ghanaians in political power.

"We believe that if Ghanaians had renewed John Dramani Mahama's mandate in 2016, management of the banking sector clean up would have been better executed to save lives and jobs, protect people's investments and businesses, and boost business confidence.

"However, we regret the former finance minister, Dr. Kwabena Duffuor – a victim of the bank closures – for his extreme silence and reticence in criticizing the current government for its mismanagement of the sector and the economy in general.

"Indeed, Ghana requires experience but not experimentation at this time. We therefore urge delegates of the National Democratic Congress (NDC) to give former president John Dramani Mahama a resounding victory in their upcoming presidential primaries so that he can rescue this country from the corrupt and incompetent NPP government so that we can build the Ghana we want together."

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