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Politics of Wednesday, 21 August 2019


Savings & loans collapse exposes Akufo-Addo’s wickedness – Hanna Bisiw jabs

The National Women’s Orgnaiser of the opposition National Democratic Congress (NDC), Dr. Hanna Louisa Bisiw has jabbed the Akufo-Addo government over the recent closure of some savings and loans companies.

Dubbed the financial sector ‘clean-up’, the Bank of Ghana (BoG) last Friday revoked the licences of twenty-three (23) savings and loans companies and finance house companies. The Central Bank said the institutions were insolvent and needed to be folded up.

The BoG said the revocation of the licenses of the institutions was taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.

The companies include GN Savings and Loans Company owned by Dr. Papa Kwesi Nduom, the 2016 Progressive Peoples party’s (PPP) flagberarer. In less than 8 months, the company was downgraded from a bank to savings and loans.

But speaking to Mugabe Maase on Inside Politics on Power 97.9 FM, Dr. Bisiw condemned the BoG’s move and wondered why the affected institutions were not given ample time to do things right under a strict monitoring.

She jabbed the Akufo-Addo led government for the job losses the revocation of the licenses would bring as she decried the “so called clean-up exercise.”

“I thought Akufo-Addo said he would create jobs for the youth, so what happened?” she asked.

To her, the government’s aprroach to “collapsing” the savings and loans companies was an insensitive one which exposes president Akufo-Addo as wicked and heartless towards Ghanaians.

“Before he [Akufo-Addo] took over power, Papa Kwesi Nduom [a renowned business man and owner of then GN Bank] was known as Adwumawura [owner of multiple companies] but today, he has become Efiewura who can’t boast of the financial institutions he used to own,” the former Deputy Agric Minister said.

She said she was saddened by the thousands of Ghanaians who would be laid off after their companies had been folded up.

“This shows that Nana Akufo-Addo is truly somebody who collapses peoples’ businesses.He can’t run from that. We now know he is Nana Oguadwuma,” he fumed.

He therefore urged Ghanaians to vote for former president John Mahama to lead the country and put his good policies to use and create jobs for the unemployed who are going hungry as a result of the “bad polices” of the Akufo-Addo administration.

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