'Greedy bastards' invested in collapsed banks – Kennedy Agyapong

Outspoken Member of Parliament for Assin Central, Kennedy Ohene Agyapong has described those who invested in the collapsed banks as ‘greedy bastards’.

“No greedy person will invest his money and expect 25 percent in three months. They are greedy bastards. You know these banks are suffering and can collapse but you still went ahead and deposited monies and now you are blaming NPP for the collapsed banks,” he said in an interview.

On August 1, 2018, the BoG consolidated five local banks; Beige Bank, Construction Bank, Royal Bank, uniBank and Sovereign bank into what it calls the Consolidated Bank Ghana Limited. In 2017 also, the central bank revoked the licenses of UT and Capital Banks because the liabilities of the two banks overwhelmed their assets.

The collapsed of these banks has resulted in the loss of thousands of jobs in the banking sector.

But the maverick MP believes what happened to the seven banks cannot be termed as failure but greed and recklessness of their investors.

Mr. Agyapong indicated that the collapse of the banks could have been averted if the regulator was diligent with its supervision.

“When the person was going to deposit their monies, there were no NDC or NPP. The issue is that there were no regulations because BoG connived with the managers and here we have this mess. We need to clean our banking sector and so the collapse is in the right direction” he added.