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General News of Wednesday, 29 August 2018

Source: Graphic.com.gh

NDC will return collapsed banks to owners - Isaac Adongo

The Member of Parliament for Bolgatanga Central, Mr Isaac Adongo, has solidarised with shareholders of collapsed banks, explaining that the attempt to describe them as thieves was uncalled for and amounts to "adding salt to injury."

He said at a forum on the banking crisis that although the challenges facing banks were encompassing, the government and the Bank of Ghana had decided to vilify directors and shareholders in order to escape blame. This posture, he said was unfortunate and amounts to stifling Ghanaian entrepreneurship.

As a result, he said a National Democratic Congress (NDC) government will not hesitate to return assets of the collapsed banks to their owners "unless they are found to have committed some tangible illegalities."

As a result, he said shareholders of the seven collapsed banks - UT and Capital banks in August 2017 and the BEIGE, Royal, Construction, Sovereign and uniBank banks in August 2018 - and all persons affected by the action should be assured of fair treatment when the party comes to power.

He mentioned the government's indebtedness to the collapsed banks, the involvement of current directors of Consolidated Bank with the now defunct banks and the choice of collapse over bailout as issues that raise flags about the genuineness of the decision.