A Member of the Communication Team for Movement for Change, Solomon Owusu, has vehemently criticised the decision to collapse the banking sector, branding it the “most useless” decision imaginable.
He argues that allocating GH¢30 billion to resolve a GH¢9 billion issue represents a gross misallocation of resources.
According to Mr Owusu, this misguided decision has had profound repercussions for both the economy and the populace of Ghana.
He elaborated that the collapse of the banking sector has resulted in significant job losses, the erasure of savings, and an overarching sense of uncertainty among citizens.
Mr Owusu emphasised that the choice to expend GH¢30 billion to address a GH¢9 billion problem is not only wasteful but also unjustifiable and unpardonable.
He has called for accountability and transparency in the management of the country’s finances, particularly during the cleanup exercise initiated by the previous government in 2018.
Responsible stakeholders had warned that the collapse would have a ripple effect throughout the entire economy; however, the immediate past New Patriotic Party (NPP), led by Nana Addo Dankwa Akufo-Addo, appeared to turn a deaf ear to these concerns.
Mr Owusu pointed out that institutions like Unibank and other banks contribute taxes to the government with the expectation that, in times of financial distress, the government would provide the necessary support to revitalise the sector.
He contends that those responsible for misusing these funds should be prosecuted, yet the leadership failed to offer the requisite support.
He further asserted that both Akufo-Addo and the former Attorney General should be charged with wilfully causing financial loss to the state. Mr Owusu believes that their decisions or actions have intentionally led to a loss of public funds.
He made these allegations during the Angel Morning Show (AMS) on Tuesday, July 29, 2025.
“Anybody involved in financial misconduct, the Attorney General must take them on. The decision to collapse the banking sector without any proper consultation was useless; there was no sense in collapsing selected business sectors while other sectors lacked sufficient liquidity to serve the public,” he fumed.
He also urged the Attorney General to remain relentless in pursuing the National Service Scheme (NSS) scandal, where numerous names have been implicated, asserting that there should be no cover-up for anyone involved. “Some criminals have sent the country into a ditch; it is the right time to strike, and they must face the law squarely,” he declared.
Mr Owusu acknowledged the Attorney General for his commendable efforts, stating, “The Attorney General must be given credit for an excellent job being done; indeed, I must applaud him.
“He always seeks to carry the people along, providing timely briefings on any movements he undertakes. This is what we expect from other heads in sensitive positions.”
