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Politics of Tuesday, 20 August 2019


Mahama and others should be arrested for banking crises - Kofi Akpaloo

Kofi Akpaloo, Founder of LPG Kofi Akpaloo, Founder of LPG

The Founder and leader of the Liberal Party of Ghana (LPG), Mr. Percival Kofi Akpaloo has said former President John Dramani Mahama and former Governor of the Bank of Ghana, Dr. Henry Kofi Wampa should be arrested for mismanagement of the economy during his time which led to the collapsed banks and revocation of licenses of some 15 savings and loans companies.

The Bank of Ghana has revoked the licenses of 386 insolvent microfinance and microcredit companies.

This includes 192 microfinance companies having their licenses revoked with another 155 insolvent companies that have ceased operations also suffering the same fate.

According to Mr.Akpaloo the facts available suggest that the collapse of the banks can be traced to his era as the President of the Republic.

“I can tell you something that this government together with the regulator and the Finance Ministry took the best decision on the collapse of the banks, however, I want former President John Mahama and former Governors of the Bank of Ghana, Dr. Henry Kofi Wampa and Dr. Abdul Nasiru to be arrested for the mismanagement of the banking sector under the erstwhile John Dramani Mahama administration,” Kofi Akpaloo told Kwame Tutu on Anopa Nkomo on Accra based Kingdom FM 107.7

“He said it is better for the workers of these banks to lose their jobs than for depositors to lose their money. ”

Some seven banks in Ghana have collapsed just in a year following an investigation by the Central Bank of Ghana into their operations.

According to the BoG’s investigations, The Beige Bank, Sovereign Bank, and Construction Bank which have gone bankrupt, obtained their banking licenses illegally through the use of suspicious and non-existent capital.

The BoG has, therefore, merged The BEIGE, Sovereign, Construction, UniBank and Royal Bank into a Consolidated Bank of Ghana Limited to save the situation.

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