thoughts of a native
GHANA’S FINANCIAL SERVICES SECTOR – A SMOKE-AND-MIRRORLAND FULL OF CROOKS?
I couldn't help smiling, as I read an article entitled: “Ghana’s financial sector heads for crisis”, which appeared in the business section of the general news web-page of www.ghanaweb.com of Tuesday, 15 September 2009. Unfortunately, the Byzantine world of Ghana's financial services sector is said to be full of "insider-dealing" rogues - and apparently even little school children in Ghana are said to be aware of the many incestuous relationships that exist between some regulators and many industry players.
As a wag once said: "There is no self-respecting ex-central bank governor in this country who does not either own a bank, or has a significant stake, in one. It is an intolerable situation, really!" Sadly, most of our financial services sector is a murky world in which ethics and corporate good governance principles are total strangers to many who work in it. In comparison to those ever-so-respectable hypocritical rogues in our financial services sector, the greedy and double-dealing moguls in Wall Street and elsewhere in the financial capitals of the Western world are veritable saints.
The Titans in the industry benefited mightily (in the zillions in fat fees that they earned as "transaction advisers") from the massive debt piled up by the Kufuor regime - as the perfidious Kufuor & Co. turned our democracy into a kleptocracy: and proceeded to milk our country dry, in order to send the personal net worth of the favoured princes and princesses of Kufuor's golden age of business (naturally, strictly for the family and friends of our then Hypocrite-in-Chief!), into the stratosphere.
Although it’s hard to believe, there are even persistent rumours that depositors’ money in some mutual funds was tapped to fund the electioneering campaign in the December 2008 election! Hmm, Ghana, eyeasem oo - esem ebaba debi ankasa! May God bless and protect our homeland Ghana, always. Long live freedom! Long live Ghana!
Tel (powered by Tigo - the one mobile phone network in Ghana that actually works!): + 233 (0)27 745 3109 & the not-so-hot Vodafone wireless smartphone: + 233 (0) 21 976238.