The chairman of Doscar Group Holdings, Oscar Yao Doe, who has been hitting the economic team of President Akuffo-Addo as well as the leadership of the Bank of Ghana hard lately (for culpability in the collapse of some indigenous financial institutions and local companies), has said that he does not have any regret for supporting the president to power in 2016.
He however reiterated that his support for the President's family would not stop him from voicing his opinion about the President's failure (through actions and decisions) to rescue locally-owned banks and other businesses that were in distress.
Read his post on the social media this morning below..
"I Have No Regret Supporting H.E Akuffo-Addo As Family. (But Here Are) The Reasons Why I Disagreed With His Actions, Decisions, And Failure To Rescue Ghanaian-Owned Businesses and Banks!
In 2017, It Became Obvious That The Bank of Ghana's Responsibilities to Supervise Banks Operating in Ghana Has Gone Into Sleeping Mode. But No Action Was Taken To Purge The Bank of Ghana Itself. The Situation Persisted Till UT Bank and Capital Bank Went Down. It Was Taken Over By GCB With The Government of Ghana Supporting The Process With Over 2 Billion GHS.
I Thought The So Called Genius Brains at The Finance Ministry Will Put Ghana's Interest First By Initiating Immediate Action For A Stress Test For All The Banks And The Financial Sector (As A Whole) In Ghana, To Ascertain The True Picture of Their Financial Strength And Challenges Facing Them, So The Appropriate And The Best Option Could Be Recommended By The Finance Minister, Hon Ken Ofori-Atta.
At That Moment, The Government, Through Ken Ofori-Atta Was Reluctant to Release Money to Pay The Outstanding Debt Ghana Government Owed Contractors Who Owe Majority of The Local Banks Loan Portfolios. Ken Ofori-Atta And Co Deliberately Refused To Settle The Contractor's Debt, Or Pay Their Debts On Their Behalf Directly To The Local Banks.
The Situation Was Deteriorating Because Financial Markets Don't Like Panicking and Speculations.
At This Stage, They Saw The Vulnerability In The Local Banks To Sink, And Also Saw The Opportunity It (Could) Bring To Them Personally.
So, Instead of Applying The US Model Or The European Commission Precedent to Save The Local Banks, And Then Put In Stringent Measures Afterwards (Including Government Appointing Their Preferred CEO'S To Lead Those Affected Banks Till They Pay Back Every Dime To Government Coffers), They Applied Vendetta And Ego, (Feeling Like) 'We Are Powerful Now, You're Now Powerless!
They Used OUTDATED Laws to Destroye The Banks,Told The Owners To Go Empty-Handed To Die.
God Tested President @nakufoaddo That Crucial Moment to Show Leadership. (It Would Have Just Been A Case Of) "Forgive Their Errors, They Are Ghanaians". IT WILL TAKE 20-40 YEARS TO CREATE SUCH BUSINESSES AGAIN" HE FAILED TO SHOW COMPASSION" WHY CATHEDRAL?
Source: Thecityscoopng.blogspot.com
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... If they working and doing bad things they should still be allowed to because to you, it is work??? Then allow armed robbers to operate, drug peddlers to sell, prostitutes to operate freely. Please, your thoughts are those of a banana republic!
So what is Oscar Doe's suggestion for addressing issues of alleged siphoning of customers money into private businesses? About non-payment of loans by customers and businesses? about board of directors granting loans unto themselves? about misapplying bailout monies? ... Who the cap fit, let him wear it.
Well, that's Doe's opinion and he's entitled to it. I don't agree with him atall,Ken ofori Attack or the president did not single handedly do what happened to the banks.When the banks were hanging on straw what did Doe and the likes do.The dust is settling now, so let's wait and see
Erm...would u have cared if it did not affect you? we had enough of the stomach politics in this country.
Mahama supervised all this mess in the first place, Nana Addo could have saved these banks by capital injection , appointing his own Directors same time investigating and prosecuting those who caused the Rot
FRAUDULENT businesses will NOT be supported!
Deep message
What really upset me more is when the vice president gets an opportunity to pass comments on the development in the financial sector instead of him to pass comments that will calm owners and staff who have lost their jobs because of these collapsed institutions all he can say is to blame it John Mahama. Can u imagine. These people were working when they voted for you in 2016 you win power and come to render them jobless and then u blame it on someone. Leaders face issues and solve them.nleaders don't face issues and blame it on someone else. Former President was confronted with dumsor, he solved it and today you are complaining of excess power even that one too you blame the excess power on someone else. Ah!!!
It's good for Oscar to share his views which I respect, but in my opinion, this government will be the best ever government Ghana has ever had.Those wicked people who hide behind politics to dupe the citizens will no longer enjoy that monopoly.
God brought this Nana Addo to teach Ghanaians that he is always God and rule in the affairs of men. it was just matter of letting us know the difference between the sheep and the goat. This family and friend govt is already out of power spiritually.Peace FM and all journalists who supported this devilish govt ain't you ashamed of yourselves and the mess you have put all Ghanaians. And JDM must ensure all these criminals are dealt with.