Member of Parliament (MP) for the Assin Central constituency, Kennedy Agyapong says Ghanaians should hail President Akufo-Addo over plans to create the Consolidated Bank GH Ltd to take over 5 struggling banks in the country.

The businessman believes hundreds of Ghanaians would have committed suicide as a result of frustration over lost investments if not the President's smart interventions.

Sovereign Bank, Royal Bank, The Beige Bank, Construction Bank and Unibank were the five financial institutions that ran into liquidity challenges.

The government made 450m cedis available for the Consolidated Bank as starting capital and named Daniel Addo as its CEO.

Speaking in an interview, the maverick politician said but for the decision by the Akufo-Addo led government to consolidate these struggling banks, the savings of over 1.3 million Ghanaians would have gone waste and many may have died as a result.

“When the NPP government assumed power, it consolidated all these banks…I had my money with Royal Bank and I still have my account there. If not so the number of people who would have died in this country out of frustration would have been unimaginable. The consolidation saved 1.3 million Ghanaians who have their savings in these banks and Akufo-Addo must be praised", he said.

Ken, speaking briefly on what culminated into this said “Duffuor’s banks and the rest caused a lot of havoc to the country. I keep asking when they took monies from people from the airport city what did they use the money for? Some of them went into bad business and others use their money for politics. Capital bank was supported with GH¢600 million by Mahama but they used GH¢130 million to establish Sovereign Bank and when they got the license they withdrew GH¢100 million of the money and left GH¢30 million. All these things went on…Royal Bank and the rest. The government has borrowed about GH¢9 billion to cushion these banks if not so it would be like what is happening in Venezuela. You will have your money sitting in your bank account but you are unable to withdraw”