The Chairman of Doscar Group Holdings, His Royal Highness Oscar Yao Doe, has written an open letter to President of the Republic of Ghana, Nana Akuffo-Addo over the ongoing banking crisis.
In the thought-provoking, factually frank and brutally open letter, Oscar humbly advised the Akuffo-Addo administration against the idea of state-controlled economy. King Oscar urged the president to act decisively and urgently to see to the rescue of troubled businesses in the country, while ensuring that the ones that have been taken over are returned to their original owners.
Read his letter below:
Greetings Mr President,
It Seems We Are Encouraging And Perhaps Deepening The Era Of State-Controlled Economy. Even Though It's Not A Bad Idea To Strengthen State-owned Companies, But The Question Is Can They Stand The Test Of Time Under Your Successors?
The Only Few Big Companies In Ghana Today Are All Government-owned. This Is Alarming Because There Is No Guarantee That Your Successors Will Follow Your Direction.
Mr President Recently The Financial Sector Was Added To This State-owned Company Syndrome In 2017/18. Many Ghanaian-Owned Banks Were Taken Away And (Were) Turned Into State-owned Banks; Namely:Consolidated Bank Ghana (CBG), State-Owned GCB Also Benefited.
After Ghana Government Took Away Those Banks From Their Original Owners, Are We Saying The Owners Should Go Empty-handed To Die? Something Must Be Done.
The State Is Now The Sole (100%) Owner/ Shareholder Of Consolidated Bank Ghana (CBG), So, It's Okay? (Is That The) End Of Story?
Mr President, Consider The Business-Owners Who Work Harder Through Many Years Of Sacrifices To Build Those Companies. They Deserve Compassion.
Mr President, Please In Case Your Successors Decided To Return All Those Banks Back To Their Original Ghanaian Owners The Day After He Or She Is Sworn In? What Will Be Your Take?
In Case Your Successors Decided To Sell All State-owned Companies And Businesses To Ghanaians? What Will Your Take On That Be?
In Case Your Successors Decided To Payout Heavy Compensation From State Coffers To All The Affected Ghanaian-Owned Banks And Businesses That Were Forced To Collapse, What Will Be Your Take On That too?
In Case Your Successors Decided To Prosecute All The Officials Who Were Involved In The Decision-Making Leading To The Collapse Of Those Banks, What Will Be Your Take On That As Well?
Mr President, I Strongly Believe The Above Scenarios Are Very Likely.
Mr President If There Is A Way Out To Grant Compassion, Forgiveness, And Return All Those Banks Back To Their Original Owners (Regardless), That Would Be Awesome And Decisive. It's Doable! Your Decision To Act Is What Matters, (As) History Has Taught Us.
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