Banking clean-up leaves blind preacher in distress

In a heart-rending appeal, Grace Wayewaa, a 50-year-old visually impaired woman, is begging the government to assist her in recovering her savings lost during the recent banking sector clean-up exercise.

The mother of five, who relies on her meagre income as a bus preacher in Accra, is struggling to make ends meet and pay her children's school fees.

Mrs Wayewaa's story is one of resilience and determination. Despite losing her sight, she has continued to preach on buses in Accra, earning a modest income to support her family.

However, her savings, which she had carefully set aside over the years to fund her children's education, were tied up in Excel-United Micro Finance (EMT) LTD, a bank that was closed during the financial clean-up exercise.

The banking sector clean-up, initiated by the Bank of Ghana in 2017, aimed to protect depositors and restore confidence in the financial system.

Financial distress

However, the exercise has left many innocent victims such as Mrs Wayewaa in financial distress. Her savings, which were meant to secure her children's future, have vanished, leaving her with nothing.

Mrs Wayewaa's eldest child, a 29-year-old who completed Training College, is yet to find a job. Her second child, a 25-year-old, is set to enter university, but may have to defer admission if the funds are not recovered.

The thought of disappointing her children is unbearable for Mrs Wayewaa, who has always been determined to give them a better life despite her challenges. "I saved most of the money I got from my preaching to support my children's education.

 But with the closure of the bank, all my savings have vanished, and I am left with nothing. I am pleading with the government to help me see my children through school. The money I earn from preaching is not enough," she said in an interview with the Daily Graphic in Accra.

Mrs Wayewaa's situation is dire, and she is not alone. Many depositors who had their funds locked up in banks affected by the clean-up exercise are still waiting for relief. 

Reimburse depositors

The government has promised to reimburse affected depositors, but the process has been slow, and many are still waiting for their money. The banking sector reforms, initiated to stabilise and strengthen the financial system, have had a profound impact on many Ghanaians.

While the government has taken steps to reimburse affected depositors, many, like Mrs Wayewaa, are still waiting for the promised relief.

As she continues her daily preaching on the buses of Accra, Mrs Wayewaa expressed hope that her appeal would reach the right ears and that her children would be able to continue their education without further hindrance.

Her story serves as a reminder of the human impact of the banking sector reforms and the need for urgent action to support those affected. In a country where education is highly valued, Mrs Wayewaa's plea is a stark reminder of the challenges faced by many families in accessing quality education.

 Her determination to give her children a better life despite her challenges is inspiring, and her appeal deserves urgent attention from the government and individuals who can make a difference.