Member of Parliament for the Tamale North Constituency Alhassan Suhuyini Sayibu has described as “reckless” the banking sector clean-up carried out by the Bank of Ghana.
“We would have done this banking sector clean-up in a different way to secure jobs,” he insisted.
The National Democratic Congress (NDC) MP was speaking on TV3 Friday, November 22 when he shared the sentiments.
The banking sector underwent a two-year clean-up engineered by the Bank of Ghana. The exercise led to the revocation of licenses of some major indigenous banks with some having their management ceded to others.
Consolidated Bank of Ghana (CBG) was consequently founded in 2018 to take over the operations of five banks namely Beige Bank, Royal Bank, Construction Bank, uniBank and Sovereign Bank.
The lawmaker said the NDC government was aware of the problems in the banking sector and took steps to clean it up. He said an adequacy audit was proposed while the Bank of Ghana Act was amended as part of efforts to strengthen the sector. But he said the current government came and virtually rendered many jobless by the clean-up.
He said theirs “wouldn’t have been as traumatic as this has been”. “Most of the jobs would have been saved and local businesses would have been protected.” But a member of the government, George Ayisi, who serves as Communications Director of the National Disaster Management Organisation (NADMO), said the books of most of the bank were “toxic”. He noted that the previous government gave a lifeline to the banks. “All [those] banks would have gone down under if we didn’t do this intervention.”
The clean-up of the sector came to an end on Friday, November 8 with the revocation of licenses of 53 investment firms. Government has announced the establishment of the National Development Bank in 2020 as the latest addition to the sector.
Source: 3news.com
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And he calls himself a lawmaker. Such materials should leave the Chambers of Parliament they are a drain on our resources
Do some of these MPs speak as if they lack brains? With this caliber of MPs, am not shocked the shallowness of the debate!!!
so all these people are in charge in ghana. wow!
The NDC is gradually selling to the unitiated, unsuspecting Ghanaian that the NPP collapsed the banks. Unfortunately not many of our people are educated enough to read between the lines. Sadder still is the fact that their educated followers who are supposed to know better have thrown away the analytical caps they got from school. The NDC's strength is in ign.orance. Same thing they're doing with the referendum. But soon knowledge will erode all of their political fortunes, and there'll be no more NDC.
YOU THIS MAN TELL US THE TRUTH WITH YOUR KORAN, HOW MANY WIVIES DO YOU HAVE AND YOUR DOING POLITICS. SORRY POLITICS IN GHANA IS VERY CHEAP. A TIME MAY COME EVERY ONE WITH MORE THAN ONE WIFE CANNOT DO POLITIC AND GO TO PARLIAMENT JUST AS THE EUROPEANS DO. EVEN, LOOKING AT YOU, YOU DO DESERVE TO BE A POLITICIAN.
All these people from the North have no problem because Kwame Nkrumah did not think backwards after using our father's cocoa money to educate them. Look at this ***barred word*** MAN just, look at his month expresión, he is really a person who should be COW PASTURE but due to our money from the south Ghana, this norther is in politics and defrauding Ghana. If l am not mistaken he may have more than four wives. Sorry for our present Ghana.
If Banking Sector Intervention was Reckless then i wonder how your party could have tackled the situation by sitting and watching the sector without competency. Join the NPP and sing hallelujah for saving jobs and depositors.Our eyes and ears are now opened wide apart.
So, the MP will have protected Jobs at the expense of the Tax payer and the over 2million depositors. CBG was done and some jobs were protected. UT was put under GCB Most of these challenges started between 2009 and 2015. Licences were issued between 2009 to 2015, who was in Charge at the time. Lets do proper analysis of the issues and not play to the Gallery. Ghanaians are matured We have not forgotten about DKM