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General News of Wednesday, 29 August 2018

Source: kasapafmonline.com

NDC government will return collapsed banks to their owners – Adongo

Opposition National Democratic Congress (NDC) Member of Parliament for Bolgatanga Central, Isaac Adongo has served notice that the next NDC government will return the collapsed banks to their original owners if they are found not to be complicit.

Speaking at a forum organized by the Policy Analysis and Monitoring Sector on the Banking Crisis, Isaac Adongo who’s the member of the Finance Committee of Parliament, stated that the report which served as the basis of the collapse of the banks was ill-prepared and lacked merit.

“I hope that by the end of this exercise the Governor of the Central Bank will come out of the whole that he’s in to give us assurance beyond telling us that our deposits are safe, we’ve heard that long enough. He should come and give us the policy steps and clear guidelines and timelines that he’s going to implement in order to calm the market and restore confidence and have a strong powerful Ghanaian financial sector.

“We can do it and I’ll like to assure the people of Ghana an NDC government will have more foresight and we’ll protect Ghanaian entrepreneurship and we’ll ensure and I will not mince words, if any investor that feels hard done by this marauding armed robbers goes to court to seek the return of their assets in an NDC era we’ll gladly return to them the injustices that they’ve suffered.

So they should wait, if these people refuse they should come to us at the appropriate time. Unless they can prove that these people are complicit in any matter we’ll not allow an economic fight against any Ghanaian.”

The BoG on August 1, announced that it had merged Unibank and four other banks under a new name Consolidated Bank of Ghana (CBG), with government committing 450 million cedis to support these banks.

According to the governor of the Central Bank Ernest Addison, the merger was crucial because the five banks including Unibank were in critical financial distress and that it will “help ensure that the banking sector maintains a strong indigenous presence.”

The Bank of Ghana increased the minimum capital requirement for banks from GH¢120 to GH¢400 million to improve stability in the banking industry whilst growing the industry.

Capital and UT Banks collapsed in 2017.





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