‘Collapsed banks’ bailout cash bigger than $2 billion Sinohydro deal’ - Joe Jackson

The Chief Operating Officer of Dalex Finance, Joe Jackson, has questioned government’s inability to retrieve monies from persons responsible for the collapse of local banks in the country.

He said the about $11.7 billion used to resolve the banking sector crisis is bigger than the $2 billion Sinohydro infrastructure-for-bauxite facility.

Finance Minister, Ken Ofori-Atta announced government spent about $11.7 billion to resolve the banking sector crisis.

Delivering the 2020 Budget statement in Parliament on Wednesday, he said the initiative was government’s way of intervening to save depositors and investors whose funds were locked up in failed financial institutions.

But, Mr Jackson on Asempa FM’s Ekosii Sen programme said the government would have saved more money if it had ensured persons responsible for the collapse of some local banks were prosecuted.

The financial analyst stressed that if the government had retrieved those monies, it would have gotten enough money for its flagship projects including the free Senior High School programme.

Mr Jackson, however, commended the government for the prompt action taken to clean-up the banking sector and taking initiatives to ensure the financial sector is healthy.

Source: ghanaweb.com