Vice President Bawumia insists financial sector clean-up was necessary

By Mercy Darko.

Vice-President Mahamudu Bawumia says although the financial sector clean-up was painful due to the impact it had on workers and depositors, the process was needed to save the sector from total collapse.

Addressing the ongoing 11th Quadrennial Delegates Conference of the Industrial and Commercial Workers’ Union, ICU, Ghana, he said the government had no choice, but to take the decision and this has saved about 4.6 million depositors from losing their monies.

Touching on the Impact of COVID-19, Vice-President Bawumia said despite the negative effect of the pandemic, the economy is gradually on course to recovery. He appealed to members of the ICU to contribute to building stronger Corporate Governance.

Formed in the 1960’s, the Industrial and Commercial Workers’ Union, ICU, Ghana has become a force to reckon with, building a membership of more than 100,000. The Quadrennial Delegates Conference is held every 4 years to enable members to deliberate on issues of concern and elect leadership to steer the affairs of the Union.

This year’s conference focused on the Impact of the COVID-19 Pandemic on Business and Labour: The Role of Social Partners.

Vice President Bawumia said the impact of Covid-19 on economies around the world has been devastating although that on Ghana has been minimal.

He said the government had to act swiftly to protect the people and the economy as a whole. He noted that the all-inclusive strategy of the government has led to numerous initiatives creating about 50 thousand jobs, especially in the public sector.

Commenting on the financial sector clean-up which has been a major concern to the ICU, Vice President Bawumia said.

“The exercise undertaken by the Bank of Ghana was important as the financial sector nearly collapsed.”

Vice President Bawumia intimated that Covid 19 has re-affirmed the need to move the economy beyond aid while leveraging on technology to transform it adding that,

“The economy is on course to recover from the pandemic.

General Secretary of the Industrial and Commercial Workers’ Union, Ghana, Rev. Solomon Kotei in an address commended the government for the prompt response to the Covid 19 pandemic which minimized the impact on Ghanaians’’. He however appealed to the government to help members, as the pandemic coupled with the 2017 financial clean-up have led to numerous job losses.

Rev. Kotei also appealed to the government to scrap overtime which is a dis-incentive to workers.


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