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General News of Thursday, 2 August 2018

Source: Kasapafmonline.com

Bank Takeovers: Addison doing a hatchet job for Ken Ofori-Atta – Adongo

The Governor of the Bank of Ghana(BoG), Dr Ernest Addison is an adjunct officer of the Ministry of Finance, and a politician more than President Akufo-Addo, that is the contention of Member of Parliament for Bolgatanga Central Isaac Adongo.

“If Dr Addison is presenting the monetary policy committee report and you’re listening to him, even Bawumia will envy him, he sounds more than a politician; he cooks figures to taint the economy which i’ve questioned him on that before.” Adongo alleged in an interview on Kasapa.

His comments come after the BoG on Wednesday, collapsed some five local banks purported to be struggling in the financial sector.

A new bank, the Consolidated Bank Gh. Ltd will be taking over the troubled banks in the country,the BoG has announced.

The affected local banks are said to have run into liquidity challenges and have been forced to come under a new merger to be managed by the state.

They included Sovereign Bank, Royal Bank, Beige Capital, Construction Bank and Unibank.

At a press conference in Accra, the Governor of the Bank of Ghana, Ernest Addison said the new merger will see an injection of about 450m cedis for the operation of the Consolidated Bank by the government as starting capital which will have Daniel Addo as its CEO.

Meanwhile, Sovereign Bank, according to BoG obtained their license under false pretence, and liable for criminal charges.

The BoG Governor also indicated Beige and Construction Bank used fictitious and non-existent capital to obtain licenses. The banks therefore obtained licenses under false pretenses.

Commenting on the fall out from the development in the financial sector, on Anopa Kasapa on Kasapa 102.5 FM, Adongo blamed the BoG Governor of being responsible for the mess witnessed in the banking ecosystem under his tenure.



“Addison is the weakest link in the financial regulation of our country; he is the most disgraceful governor ever and he should be resigning by now.”

Adongo has said he’s vindicated when he raised red flags on the imminent systemic challenges seen under the current BoG governor, Ernest Addison’s tenure.



“Even yesterday before he held that Press conference, I issued some article which I copied him that he’s on the verge of shutting the financial system together with the Security and Exchange Commission(SEC). Ghana is in dangerous times.” Adongo warned.