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Opinions of Sunday, 6 December 2020

Columnist: Mordey Yaw

Economist bulldozes Bawumia with 555 questions on the banking sector crisis

David Yaw Mordey, Economist David Yaw Mordey, Economist

Mr. Vice President, I write to remind you of your deliberate diabolism in handling the self-imposed banking sector crisis.

I promised you some questions on the crisis in my previous letter entitled Your 7% Average GDP Growth very useless: Economist chases Bawumia with 301 Questions in a Letter. In that letter, I proved to Ghanaians why your three-month average GDP growth of 7% is very useless.

Today, Ghana is expected to grow at 0.90%, while countries like Benin, Togo, Burkina Faso, etc., are growing at 6.9%, 5.3%, and 5.7%, respectively. My concern in this current episode of the Mordey-Bawumia series has to do with the 958,000 job losses caused by the banking sector crisis and its ramifications on the economy of Ghana.

The flow of money in the economy is analogous to that of human blood circulation. The blood transmit digested food to the various cells in the body, oxygen from the respiratory surface to the buccal cavity of the human tissues, and carbon dioxide from the tissue to the respiratory surface, among others. These transmissions are carried out by the arteries in the human body just as the banks work in the economy.

The banks are in the business of transmitting funds from surplus units to deficit units in the economy by collecting deposits and lending them to entities and individuals for various economic activities. Therefore, the banking sub-sector of the service sector serves as the accelerator of economic growth. Dr. Bawumia, I gave you this hypothetical lecture for you to appreciate the role of the banks in ensuring sustainable development.

Your government chose to destroy the very foundation, which has been celebrated all over the world as the anchor for mobilizing savings and investment for growth. The 2017-2020 banking sector crisis has resulted in a reduction in the service sector’s contribution to total output from 56.8% in 2016 to 44.1% in 2019 and is expected to dip further to about 39.5% by the end of 2020.

Mr. Vice President, you ought to explain to Ghanaians the reason behind such a development. You are in a better position to provide the appropriate response to the issues at hand and the 555 questions in the subsequent paragraphs of this letter.

Before I proceed, please permit me to review the findings in the 2015 banking sector report of the Bank of Ghana (BoG), which according to you, justified the closure of 9 local universal banks, 53 fund management firms, and 347 microfinance and microcredit companies in the country.

Mr. Vice President, you failed to peruse the report thoroughly as expected of every economist but jumped in the gun to destroy local banks and many other financial institutions in the country.

The report suggests that despite the reduction in banks’ total revenue, net profit after tax, asset quality, liquidity and share of income from fees and commission as well as rising operational inefficiencies in 2015, there seems to be some appreciable increase in interest income from loans and investment income share.

The BoG concluded that the banking sector was sound and solvent enough to service essential obligations in the industry. Interestingly, the central bank also expected the banks to improve their performance following the fixing of the then energy sector crisis (solved by the NDC government) and enhanced fiscal consolidation (executed by the NPP government) coupled with the emerging stability in the exchange rate movement (as a result of instabilities in the US economy and the coronavirus pandemic).

Yet, there were fundamental issues with the banking sector, which needed to be fixed. The problems at hand demanded pragmatism and not political witch-hunting and aggrandizement.

Mr. Vice President, instead of triggering Section 62 and 70 of the Bank of Ghana Act of 2002 (Act 612), which mandate the BoG to provide training programmes for the licensed banks on asset management, you chose to ineptly provide them with liquidity support and later collapsed them after you sensed wastage.

For instance, instead of applying the law as expected, you chose to grant seven banks (United Trust (UT) Bank, Capital Bank, Beige Bank, Sovereign Bank, Construction Bank, The Royal Bank, and UniBank) GHC4.7 billion and another GHC10 billion to take care of depositors’ demands.

Having committed our scarce resources to such needless decisions, you went on to collapse those banks and expended an additional GHC6.3 billion to no avail. In all, you wasted our GHC21 billion to collapse our indigenous banks and many other financial institutions that needed just GHC6 billion to survive through training programmes and a few investments (Section 2A of Bank of Ghana (Amendment) Act of 2016, Act 918) in the provision of liquidity. Dr. Bawumia, I won’t let you go scot-free; you deserve my 555. I need answers to the following questions on the banking sector:

Fundamental Issues

1. Have you personally read the 2015 banking sector report of the BoG?

2. If yes, what informed your decision to allow the BoG to collapse the financial institutions?

3. Do you understand the role of banks in accelerating growth and development?

4. Do you understand why the closure of just one bank can trigger the collapse of firms in unrelated industries?

5. Does it make economic sense to increase the minimum capital requirement by 233.3% just to collapse the local banks while keeping the colonial banks and other foreign banks in operation?

6. Are you happy about the 958,000 job losses caused by the banking sector crisis? The crisis activated the closure of companies from other industries leading to a massive layoff of labour across the country.

7. Do you know that after your so-called banking sector reform, the banks’ return on equity has fallen from 21.4% in 2015 to 19.9% in 2019?

8. Do you also know that after your so-called banking sector reform, the banks’ return on assets has fallen from 4.5% in 2015 to 4.1% in 2019?

9. Again, do you know that after your so-called banking sector reform, the banks’ return on earning assets has reduced from 6.1% in 2015 to 5.6% in 2019?

10. Do you know that after your so-called banking sector reform, the banks’ return on earning assets has fallen from 13.8% in 2015 to 10.9% in 2019?

11. Do you understand why the issue of unemployment remains relevant in this year’s election?

12. Why has the service sector’s contribution to total output reduced from 56.8% in 2016 to 44.1% in 2019?

13. Why is Ghana expected to grow at 0.90% in 2020?

14. What have you done with the coronavirus cash of over US$2.5 billion in less than two years?

15. What is your take on the loss of about GHC9.6 billion to corruption annually?

16. Your boss, the President of the Republic of Ghana, was caught on camera collecting a bribe of US$40,000 to consider the stay-in-office of the Urban Roads Director, explains.

17. Can you take a bold step to resign as vice president to support the fight against corruption?

Mr. Vice President, Ghanaians are demanding a comprehensive report on the collapse of the following banks:

18. UT Bank

19. Capital Bank

20. Beige Bank

21. Sovereign Bank

22. Construction Bank

23. The Royal Bank

24. UniBank

25. GN Bank

We also need a similar report on the closure of the following microfinance and microcredit companies in the country:

25. 1st Eye Microfinance Company Limited

26. Abepa Microfinance Limited

27. Acea Microfinance Co. Limited

28. Adom Sika Microfinance Limited

29. Advalue Microfinance Limited

30. Ae Microfinance Company Limited

31. Af Microfinance Company Limited

32. Afrique Capital Microfinance Limited

33. Akad Microfinance Limited

34. Aki Microfinance Company Limited

35. All Ghana Microfinance Limited

36. All Inclusive Microfinance Limited

37. Alliancetrust Microfinance Limited

38. Amisgold Microfinance Services Limited

39. A-N Microfinance Services Limited

40. A-One Trust Microfinance Services Limited

41. Appiaduman Microfinance Limited

42. Aspet-A Microfinance Limited

43. A-Star Microfinance Limited

44. Axis Direct Microfinance Company Limited

45. Benkoson Microfinance Limited

46. Best Microfinance Services Limited

47. Bluehills Microfinance Limited

48. Boafo Ne Nyame Microfinance Limited

49. Bodev Microfinance Limited

50. Boin Microfinance Limited

51. Bonamax Microfinance Company Limited

52. Brite Life Microfinance Limited

53. Broadview Capital Microfinance Limited

54. Capital And More Microfinance Company Limited

55. Capital Connect Microfinance Limited

56. Cash Multitrust Microfinance Limited

57. Cashphase Microfinance Company Limited

58. Cashplus Microfinance Limited

59. Christian Community Microfinance Limited

60. Citizen Capital Microfinance Limited

61. City Credit Microfinance Limited

62. Connect Capital Microfinance Limited

63. Cottage Microfinance Limited

64. Credibility Investment And Microfinance Limited

65. Crown Capital Microfinance Limited

66. Crown House Microfinance Limited

67. Cymain Capital Microfinance Limited

68. Cypress Microfinance Company Limited

69. Dahinsheli Microfinance Limited

70. Daily Capital Microfinance Limited

71. Datacash Microfinance Limited

72. Dbm Microfinance Limited

73. Delight Microfinance Company Limited

74. Des Microfinance Limited

75. Dolphin Microfinance Services Limited

76. Donewealth Microfinance Limited

77. Dove Microfinance Company Limited

78. Dpf Microfinance Limited

79. D-Vanc Microfinance Limited

80. Dwetire Microfinance Limited

81. Easyfast Microfinance Limited

82. Ebenezer Microfinance Company Limited

83. Eclipse Microfinance Limited

84. Emefs Microfinance Limited

85. Emeralf Microfinance Limited

86. Emerge Microfinance Limited

87. Emeton Microfinance Services Limited

88. Empire Credit Microfinance Limited

89. Emwl Microfinance Company Limited

90. Et Microfinance Limited

91. Evergreen Microfinance Limited

92. Expressway Microfinance Limited

93. Fast Track Capital Microfinance Limited

94. Financial Republic Microfinance Company Limited

95. Fino Microfinance Limited

96. First Call Microfinance Company Limited

97. First Liberty Microfinance Limited

98. Fountaingate Microfinance Limited

99. Frontier Capital Microfinance Limited

100. Frontline Microfinance Limited

101. Fts Capital Microfinance Limited

102. Future Leaders Microfinance Limited

103. Gab Microfinance Limited

104. Gad Microfinance Limited

105. Galaxy Microfinance Limited

106. Geo Multi Microfinance Limited

107. Gg Credit Microfinance Company Limited

108. Ghabsy Microfinance Limited

109. Giant Steps Microfinance Services Limited

110. Global Feed Microfinance Limited

111. Global Trust Microfinance Services Limited

112. God Is Perfect Microfinance Limited

113. Goldman Capital Microfinance Co. Limited

114. Great Nation Microfinance Limited

115. Greenfield Microfinance Services Limited

116. Hegis Microfinance Limited

117. Heritage Microfinance Limited

118. Hodidi Microfinance Company Limited

119. Home Support And Allied Microfinance Limited

120. Idos Microfinance Limited

121. Integrity Capital Microfinance Limited

122. Jcf Consumer Microfinance Limited

123. Jdc Microfinance Company Limited

124. Jefam Microfinance Company Limited

125. Jidai Microfinance Limited

126. Jw Microfinance Limited

127. Kingdave Microfinance Limited

128. Kingsbridge Microfinance Limited

129. Kka Empire Microfinance Limited

130. Kwahu Microfinance Company Limited

131. Lake View Microfinance Limited

132. Legend Microfinance Co. Limited

133. Liberty Dmi Microfinance Limited

134. Liberty Trust Microfinance Limited

135. Lj Cashplus Microfinance Limited

136. Lloyds Capital Microfinance Limited

137. Mace Microfinance Limited

138. Masadar Microfinance Limited

139. Melbond Microfinance Limited

140. Meridian Microfinance Limited

141. Micaid Microfinance Company Limited

142. Mop Microfinance Limited

143. Multi Money Microfinance Company Limited

144. Multibility Microfinance Limited

145. Nas Microfinance Company Limited

146. Nationwide Microfinance Limited

147. New Business Microfinance Limited

148. New Image Microfinance Limited

149. New Ways Microfinance Limited

150. Nkosuo Microfinance Limited

151. 1 Microfinance Company Limited

152. Ofs Microfinance Company Limited

153. Optimal Microfinance Limited

154. Osomufo Microfinance Limited

155. Oval Microfinance Limited

156. Paragon Microfinance Company Limited

157. Pathway Microfinance Limited

158. Pearlhouse Ghana Microfinance Limited

159. Peesam Microfinance Limited

160. Perebrim Microfinance Company Limited

161. Planet Microfinance Limited

162. Planters Capital Microfinance Company Limited

163. Prime Guaranty Fsl Microfinance Limited

164. Primecredit Microfinance Limited

165. Primus Microfinance Limited

166. Prof Microfinance Limited

167. Progressive Microfinance Company Limited

168. Pronto Microfinance Limited

169. Proseed Microfinance Company Limited

170. Purpose Microfinance Limited

171. Q-Star Investments & Microfinance Limited

172. R&J Gateway Microfinance Services Limited

173. Rancare Microfinance Limited

174. Redeemer Microfinance Limited

175. Renaizance Capital Solutions Microfinance Limited

176. Reob Fekams Microfinance Company Limited

177. Rightway Microfinance Limited

178. Rivers Capital Microfinance Limited

179. Ropa Microfinance Limited

180. Ross Capital Microfinance Limited

181. Royal Steps Microfinance Limited

182. Royalty Capital Microfinance Limited

183. Safenet Microfinance Limited

184. Samag Microfinance Limited

185. Savannah Microfinance Limited

186. Savplus Microfinance Services Limited

187. Silver Trust Microfinance Company Limited

188. Solid Rock Microfinance Limited

189. Solutions Microfinance Limited

190. Sources Unlimited Microfinance Limited

191. Sovereign Microfinance Limited

192. Standard Trust Microfinance Limited

193. Star Alliance Microfinance Limited

194. Starling Microfinance Services Limited

195. Startwell Microfinance Company Limited

196. Supreme Trust Microfinance Limited

197. The Orange Capital Microfinance

198. The Rashards Microfinance Limited

199. The Trustline Microfinance Company Limited

200. Ti Microfinance Limited

201. Total Discount Microfinance Limited

202. True Life Capital Microfinance Limited

203. Trust Link Microfinance Limited

204. Trust Microfinance Company Limited

205. Turnstar Microfinance Limited

206. Unik Life Microfinance Limited

207. Unique Microfinance Limited

208. Unique-Mas Microfinance Company Limited

209. Vision Credit Microfinance Limited

210. Voa Microfinance Limited

211. We Enable Microfinance Limited

212. Wintrust Microfinance Limited

213. Wondaland Microfinance Limited

214. Yan Microfinance Company Limited

215. Yeken Microfinance Limited

216. Yoli Microfinance Company Limited

217. 72 Hours Microfinance Company Limited

218. Abis Plus Microfinance Limited

219. Acit Capital Microfinance Limited

220. Adwenpa Microfinance Limited

221. Adwumaden Microfinance Limited

222. African Trust Microfinance Limited

223. Ag Microfinance Limited

224. Agt Microfinance Company Limited

225. Allot Microfinance Company Limited

226. Arhinpa Microfinance Limited

227. Attention Microfinance Limited

228. Av Global Microfinance Limited

229. Beaconcity Microfinance Company Limited

230. Bedel Microfinance Limited

231. Bengay Microfinance Company Limited

232. Better Life Microfinance Company Limited

233. Big Dreams Microfinance Limited

234. Bik Microfinance Company Limited

235. Boatem Microfinance Limited

236. Boavole Microfinance Limited

237. Brisk Credit Microfinance Limited

238. C.I.G. Microfinance Limited

239. Capital House Microfinance Limited

240. Capital Line Microfinance Limited

241. Captains Microfinance Company Limited

242. Casablanca Microfinance Limited

243. Cashbridge Microfinance Limited

244. Cc Microfinance Limited

245. Citizens Resource Microfinance Limited

246. Comaid Microfinance Limited

247. Comba Microfinance Limited

248. Common Capital Microfinance Limited

249. Community Microfinance Limited

250. Crucial Times Microfinance Limited

251. Cypress Cedar Microfinance Company Limited

252. Daa Nhyira Microfinance Company Limited

253. Dc Microfinance Company Limited

254. Dems Microfinance Company Limited

255. Dg Capital Microfinance Limited

256. Divine Fortunes Microfinance Limited

257. Divine Microfinance Limited

258. Dwadifo Adanfo Microfinance Company Limited

259. Dynasty Microfinance Services Limited

260. Eden Microfinance Limited

261. Ekoba Get Rich Microfinance Limited

262. Elite Microfinance Limited

263. Ellis Microfinance Limited

264. Era Microfinance Services Limited

265. Excel United Microfinance Limited

266. First Fidelity Microfinance Limited

267. Flexi Microfinance Limited

268. Focus Link Microfinance Company Limited

269. Fortress Microfinance Company Limited

270. Frankaman Microfinance Company Limited

271. Giant Gait Microfinance Limited

272. G-Life Microfinance Limited

273. Global One Microfinance Company Limited

274. Gmet Microfinance Limited

275. Godigo Microfinance Limited

276. Golden Trust Microfinance Company Limited

277. Goldpot Microfinance Limited

278. Goodnews Microfinance Company Limited

279. Halal Microfinance Limited

280. High Prestige Microfinance Services Limited

281. Hog Microfinance Limited

282. Ics Microfinance Limited

283. Ik Microfinance Limited

284. Instant Microfinance Limited

285. Investsure Microfinance Limited

286. Jada Microfinance Limited

287. Jays Microfinance Limited

288. Jopat Microfinance Company Limited

289. Jorbies Microfinance Limited

290. Joyhelp Microfinance Limited

291. Joyprin Microfinance Company Limited

292. K. A. D. Microfinance Limited

293. Kanafin Microfinance Services Limited

294. Kapital Express Microfinance Company Limited

295. Karsi Microfinance Limited

296. Kenlasab Microfinance Limited

297. Kingdom Trust Microfinance Limited

298. Landmark Microfinance Limited

299. Last Chance Microfinance Company Limited

300. Latter Rain Microfinance Limited

301. Lead Capital Microfinance Limited

302. Lead Global Microfinance Limited

303. Leap Credit Microfinance Limited

304. Light Microfinance Limited

305. Liquidity Solutions Microfinance Limited

306. Liyac Microfinance Company Limited

307. Loyal Shepherd Microfinance Limited

308. Mallon Microfinance Company Limited

309. Man Capital Microfinance Company Limited

310. Mars Microfinance Limited

311. Megamitch Microfinance Limited

312. Micrene Microfinance Limited

313. Mighty Microfinance Limited

314. Mokap Microfinance Limited.

315. Moneyshop Microfinance Limited

316. Moore Naara Microfinance Limited

317. Mt Microfinance Limited

318. Nativity Microfinance Services Limited

319. Niva Microfinance Limited

320. Noble Dream Microfinance Limited

321. Obaatanpa Microfinance Company Limited

322. Obuoba Microfinance Company Limited

323. Oye Microfinance Limited

324. Panam Microfinance Company Limited

325. Pimcel Microfinance Company Limited

326. Pinnacle Microfinance Limited

327. Platinum Capital Microfinance Limited

328. Premier Microfinance Limited

329. Price Capital Microfinance Limited

330. Profit Point Microfinance Limited

331. Pro-Link Microfinance Limited

332. Prudence Microfinance Limited

333. Purple Microfinance Limited

334. Qodesh Microfinance Limited

335. Quick One Microfinance Limited

336. Reell Microfinance Limited

337. Restore Microfinance Company Limited

338. Rhokida Microfinance Limited

339. Royal Future Microfinance Limited

340. Sag Ave Maria Microfinance Company Limited

341. Say-Adsam Microfinance Limited

342. Seedshare Capital Microfinance Limited

343. Shalom Microfinance Company Limited

344. Shine Credit Microfinance Limited

345. Sica Microfinance Limited

346. Silban Capital Microfinance Limited

347. Sim Microfinance Limited

348. Skycredit Microfinance Limited

349. Skyy Creditline Microfinance Limited

350. Solution Pioneers Microfinance Company Limited

351. Ss Microfinance Limited

352. Ss Stacots Microfinance Company Limited

353. St. Mary’s Microfinance Limited

354. Stalwart Microfinance Services Limited

355. Star Plus Microfinance Limited

356. Star Wealth Microfinance Limited

357. Strategies Microfinance Services Limited

358. Sweet Jesus Microfinance Limited

359. Tbs Capital Microfinance Limited

360. The Informal Project Microfinance CompanyLimited

361. Tipping Point Microfinance Limited

362. Trans Microfinance Limited

363. Turning Point Microfinance Company Limited

364. Unicorn Happy Investment Microfinance Limited

365. V-Seed Microfinance Services Limited

366. Waxson Microfinance Company Limited

367. Western Allied Microfinance Limited

368. Wetland Microfinance Limited

369. Wimac Trust Microfinance Limited

370. Wiselink Microfinance Company Limited

371. Xerox Microfinance Services Limited

372. Allied Wealth Money Lending Limited

373. Bennet Money Lending Limited

374. Bremco Money Lending Company Limited

375. Calmad Money Lending Company Limited

376. Catamount Finance Money Lending Limited

377. Citizens Money Lending Limited

378. Divine Announcement Money Lending

379. Fountain Money Lending Services Limited

380. GDFS Money Lending Limited

381. GFI Capital Management Money Lending Limited

382. Great Africa Money Lending Limited

383. Hatmag Money Lending Limited

384. Haubins Money Lending Limited

385. Index Money Lending Limited

386. KAF Investment Money Lending Limited

387. KBN Money Lending Limited

388. KYC Money Lending Limited

389. McOttley Money Lending Limited

390. N & J Money Lending Limited

391. Obrapa Money Lending Limited

392. One2One Money Lending Services Limited

393. Orbit Money Lending Co. Limited

394. Pitsea Ways Money Lenders Limited

395. P-Mag Investment Money Lending Services Limited

396. SAT Finance Money Lending Limited

397. Shammah Capital Money Lending Limited

398. SNJ Money Lending Limited

399. Uni-focus Money Lending Limited

400. Zeta Money Lending Limited

401. Boafo Yena Money Lending Limited

402. CFI Money Lending Limited

403. CIF Money Lending

404. First Assurance Money Lending Services Limited

405. Global Point Investment and Money Lending Services Limited

406. Intelligent Money Lending Company Limited

407. Kan Money Lending Company Limited

408. PD PAG Money Lending Limited

409. R.P.I.C. Money Lending Services Limited

410. TCP Money Lending Limited

411. All-Time Capital Partners Limited

412. Alpha Cap Securities Limited

413. Axe Capital Advisors Limited

414. Apex Capital Partners Revoked

415. Beige Capital Limited Revoked

416. Brooks Asset Management Limited

417. Cambridge Capital Advisors Limited

418. Canal Capital Limited Revoked

419. Corporate Hills Investment Ltd.

420. Dowjays Investment Limited

421. EM Capital Limited Revoked

422. Energy Investments Limited

423. Fromfrom Capital Limited

424. Frontline Capital Advisors Limited

425. FirstBanc Financial Services Limited

426. Galaxy Capital Limited

427. Gold Coast Fund Management Limited

428. Gold Rock Capital Management Limited

429. Goldstreet Fund Management Limited

430. Global Investments Bankers Limited

431. Heritage Securities Limited

432. Ideal Capital Partners Limited

433. Integrity Fund Management Limited

434. Intermarket Asset Management Ltd

435. Kripa Capital Ltd.

436. Kron Capital Limited

437. Legacy Financial Services

438. Liberty Asset Management Limited

439. Kamag Kapital Limited

440. Mak Asset Management Limited

441. Man Capital Partners Limited

442. Mec-Ellis Investment(Ghana) Limited

443. McOttley Capital Limited

444. Monarch Capital Limited

445. Mutual Integrity Assets Management Limited

446. Nesst Capital Limited

447. Nickel Keynesbury Limited

448. Nordea Capital Limited

449. Omega Capital Limited

450. Procap Finance Company Limited

451. QFS Securities Limited

452. SGL Royal Kapita Limited

453. Sirius Capital Limited

454. Strategic Hedge Capital Limited

455. Standard Securities Limited

456. Supreme Trust Capital Limited

457. Tikowrie Capital Ltd.

458. Unisecurities Limited

459. Universal Capital Management

460. Ultimate Trust Fund Management Ltd.

461. Utrak Capital Management Limited

462. Wealth Vision Financial Services Limited

463. Weston Capital Limited

464. Voluntary Cessation

465. HFC Capital Partners Limited

466. Attai Capital Limited

467. Serengeti Capital Limited

468. Indigo Investment Management Limited

469. Verit Investment Advisory Limited

Dr. Bawumia, I want your response to the following corruption allegation levelled against your government:

470. Agyapa scandal

471. GHC9.6 billion lost to corruption since 2017

472. $17,000 per hour private jet hired by the President to tour the world

473. Mac Manu fingered in $1.5 billion MPS deal

474. Ghana Cylinder Manufacturing Company increases allowances by 400%

475. Minister of State at Presidency busted over bribery attempt on Star FM Journalist over galamsey exposé

476. NHIS divert GHC17 million into a private investment company

477. GHC3.9 million to buy condoms

478. Appointment of MD for non-existent Keta Sea Port

479. Fraudulent PDS deal

480. $10 million wasted on cocoa roads audit

481. $4.5 million AfCON profligate expenditure

482. Ministry of Finance pays 1 million Ghana Cedis to Kroll Associates for no work done-Auditor General

483. Twelve (12) top state infrastructure designs sole-sourced to one firm

484. GHC283 million paid in judgement debt

485. GHC3 million renovated warehouses defective

486. Appointment of Kwame Owusu as board chairman for GRA after installing 11 ACs in a two-bedroom facility

487. Presidential staffers caught on video taking galamsey bribes

488. Fight at GNPC between CEO and Board Chairman (Freddy Blay) over procurement

489. Ghana included in European Commission dirty money list

490. Ministry of Health anti-snake serum procurement breaches

491. $12 million worth of fertilizers for Planting for Food and Jobs missing

492. Government trades Aisha Huang for Chinese loan

493. Government busted in $12 million Oslo consulate deal

494. GHC18k entertainment allowances for Sanitation Minister

495. $12.5 million sole-sourced contracts for blood distribution drones

496. Presidential staffers list increases from 998 to 1,614 to create jobs for party boys

497. GHC297,585 missing at Kpone-Katamanso Municipal Assembly

498. $14 million blown by Ministry of Tourism over capacity building

499. EOCO official suspended for calling on President Akufo-Addo to prosecute his corrupt officials

500. Two (2) bedroom resident renovated at GHC1 million by the Ghana Maritime Authority boss - Kwame Owusu

501. Ghana Maritime Authority boss blows GHC700 per head on lunch in a day

502. GHC1.5 million rot uncovered at EPA

503. Ghana travels with the largest delegation to UN conference

504. Government distributed expired food items to flood victims, led by your very self

505. Asuogyaman DCE buys GHC1,850 printer for GHC16,000

506. Over 600,000 litres of BOST contaminated fuel disappears

507. Board chairman of the Auditor-General Department violated procurement processes

508. Government lied over destruction of 10,000 hectares of farmlands under Planting for Food and Jobs

509. Sawla DCE awarding contracts to himself

510. GNPC buys $7.5 million property from CEOs former company

511. CEO of Forestry Commission fingered in galamsey

512. Adwoa Safo takes $8,500 from NHIA for USA trip

513. NHIA blows 62k on Government communicators

514. GHC697 million squandered in 2017 by the Ministry of Finance

515. Flagstaff House guards busted in robbery on countless occasions

516. NACOB excluded from Port checks

517. Wife of Sammy Awuku grabs juicy Free Zones Feeding contract

518. Gifty Klenam blows GHC93k on clothing allowance

519. Gifty Klenam blows $132 on rent

520. Peter Mac Manu in conflict of interest at GPHA as wife is handed juicy contracts

521. GFA Nyantakyi solicits 8 million Dollars bribe for President Akufo-Addo and your very self

522. $89 million dubious KelniGVG contract

523. CEO of Ghana Cylinder Manufacturing Company awards fictitious contracts

524. Ghana loses GHC1 million in undervalued Metro Mass bus sales

525. Sports Ministry, Pius Hadzide in visa racketeering scandal

526. Wife of Kennedy Agyapong handed Ghc100.2 million sole-sourced streetlights contract

527. Eleven (11) contracts of NLA packaged and handed over to sister-In-law of MD in a day

528. GHC28.8 million procurement scandal at MASLOC

529. President Akufo-Addo gifted NPP GHC5 million for Cape Coast Conference

530. Fisheries Minister kicks out Director from office over fight against corruption in her administration

531. Ketu South MCE smuggles in $3.2 million luxury vehicle

532. DVLA sells GHC10 first aid kit for Ghc100

533. Special Development Ministry blows GHC800k on website

534. Expats charged $100k to sit by President Akufo-Addo

535. NLA boss takes $60k personal loan from service provider

536. GHC100k spent to change the name of Tamale Sports Stadium to Aliu Mahama Sports Stadium

537. President Akuffo-Addo makes U-turn, endorses Jospong a company he branded as corrupt while in opposition

538. Over 200 instances of premix fuel diversions recorded in 2017

539. GHC1.9 billion allocated to presidency in 2018

540. Government blows GHC177 million on failed energy bond

541. Hajj board official in over GHC23k visa fraud

542. Ghana blows $2.5 million on GhanaPostGPS, spearheaded by your very self

543. District Assemblies to cough GHC5k each to fund Akufo-Addo’s tour

544. CID cooks report to clear two Deputy Chiefs of Staff

545. Ahanta West DCE rejects official bungalow, blows GHC22k on hotel accommodation

546. Finance Minister in procurement breaches over GHC10 million loan to MacDan

547. NPP grabs GHC900 million from two banks without board approval

548. Osafo Marfo appoints two sons into top government positions

549. Stephen Ntim appointed Lands Commission boss under a repealed law

550. Akufo-Addo sacks 13,000 public sector workers to create space for his family and friends in NPP

551. GHC5.6 million blown in Ghana@60 March parade

552. GHC9 million spent by Agric Minister to procure fake chemicals to fight armyworms
553. BOST boss in 5 million litres contaminated fuel deal

554. Northern Regional Minister, Bugri Naabu clash over road contracts

555. Ten thousand (10,000) bags of fertilizers missing

Mr. Vice President, Ghanaians demand answers to the afore-stated issues ahead of the December 7 general elections. These issues are critical to the future of our country, considering the magnitude of job losses caused by the banking sector crisis and the GHC38.4 billion lost to corruption in the past four years. I will personally plead with you for a debate on the economy after the general election for a thorough assessment of your four years in office.
Thank you,
David Yaw Mordey,
Economist and Data Scientist,