For him, although the idea to restore the licenses was not bad, considering the various focal areas of the collapsed banks, the cost involved in restoring them far outweighs the gains.

In a radio interview on Accra-based 3FM, monitored by Graphic Online on Tuesday afternoon, (May 16, 2023), Prof. Mensah said even though each of the banks had a reason for operating, their specialties and customer targets, "It will cost us more compared to the benefits that we would have gained [sic]."

The Bank of Ghana (BoG) under in 2017 revoked the licenses of some commercial banks due to their inability to meet regulatory requirements. 

Mahama's decision to restore licenses

In a post-election victory speech as the flagbearer of the NDC in Tamale on Monday, [May 15, 2023], former President Mahama promised that the collapsed banks whose licences were not "fairly revoked" would be restored when he wins power in the 2024 general elections.

In a related reaction on 3FM, the Dean of the University of Cape Coast School of Business, Prof. John Gatsi, said the decision to restore the licences of the affected banks was good and that "It is going to put regulatory officers on their toes to make sure they respect the rights of every person."

For him, it will send a strong signal to the central bank to be impartial in regulatory activities, saying that it will make them not to "discriminate against people and ensure that they are fair towards anybody whether the person is in power or is not in power."