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Business News of Wednesday, 25 September 2019


BoG, Ofori-Atta collapsed banks out of greed and envy – Adongo

Member of Parliament for Bolgatanga Central, Isaac Adongo play videoMember of Parliament for Bolgatanga Central, Isaac Adongo

Member of Parliament for Bolgatanga Central, Isaac Adongo, says the decision by the Bank of Ghana to shut down some banks in the country was motivated by greed and envy.

With reference to uniBank, the legislator noted that the central bank’s decision to dissolve the banks was based on an interim report by administrators like KPMG which is just one of the many requirements needed to take the action.

He believes the Bank of Ghana and Finance Minister, Ken Ofori Atta took the decision without considering the best cost-effective way to resolve the challenges the affected banks were facing at the time.

Speaking to Paul Adom-Otchere on Good Evening Ghana, Isaac Adongo explained that “when you announce an administration and appoint an administrator, the administrator has three months to produce an interim report which is basically a status report of what you came to see. By the time you end the duration of the administration, you are to produce a special report together with what we call inventory of assets.”

He added that “in that report you recommend what you think has to be done with the bank, should the bank resolved, should the bank be recapitalised, should the bank be restructured, should the bank be taken through other processes or the bank should be collapsed. It is on the strength of the special report and the inventory of assets that you take a decision to revoke the license and take it down.”

With all these requirements clearly stated out in the 'Bank and Special Deposit-Taking Institutions Act', Isaac Adongo could not fathom why the Bank of Ghana hastily took the decision with just an interim report.

“Clearly these are motivated by greed and envy. It cannot be because the bank was in trouble…,” he said.

Asked by the show host who the greedy and envious person(s) is, Mr Adongo stated “Bank of Ghana, Ken Ofori-Addo who spent all our monies to undertake this transaction…”