The Minister of Finance, Ken Ofori-Atta says government did not to conspire with the Central bank, the Bank of Ghana (BoG), to collapse some indigenous Ghanaian banks that were affected in the financial sector clean-up exercise.
According to him, government has no time and energy to collapse Ghanaian banks, urging people who hold the view that the government conspired with the Central Bank to deliberately collapse some Ghanaian banks to speak the truth.
He said as of the time the current government took over power from the then governing National Democratic Congress (NDC), all the collapsed banks “were totally insolvent” due to mismanagement which was happening in the financial sector.
Mr Ofori-Atta, who was presenting the mid-year budget today [Thursday, July 23, 2020] at Parliament, said the government was only interested in fixing the broken economy they inherited.
"As a serious government as we are, and as patriotic as we are, we absolutely have no time, no energy, to conspire with the central bank to deliberately collapse Ghanaian banks,” he said.
He explained that as a result of mismanagement in the banking sector, funds of depositors have been locked up with no hope of such depositors accessing their funds.
Mr Ofori-Atta said what the government did in the banking sector was a usual practice in the banking sector globally, and that the exercise was aimed at straightening the banking sector and boosting the confidence of customers.
Source: Daily Graphic
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As early as June 2018, six months before the deadline to raise an additional 280 Million in minimum capital, the Minister of Finance went to Akuffo Addo’s cabinet with his plans to revoke the license of GN Bank. As documented in a confidential memo from the cabinet secretary, the Minister was asked to rather work with the management of the bank and Bank of Ghana to ensure that the company does not collapse. Not satisfied with this answer, the Minister began to starve the Bank and its affiliates of cash by withholding payments due contractors owed by not only his ministry but by COCOBOD, GETFUND, and the Ministry of Roads and Highways. In a secret memo presented to Cabinet in September of 2018, the Minister doubled down on his request to close down the bank, spelling out the political nature of his request in no uncertain terms. “Cabinet is respectfully requested to consider and approve the revocation of the licence of GN Bank Company Limited owned by a businessman and a politician, Dr Papa Kwesi Nduom,” wrote the Minister of Finance in his Secret Memo. “In the case of the GN Bank, the owner who is considered as a threat to our survival has taken a due advantage of his position in society and his past relationship with the government” the report from the Minister continues. In section 2.3 of the memo, Ken Ofori Atta writes: “It is important to note that Dr Nduom has established himself beyond the borders of Ghana, and therefore touching his so-called business empire must be done with care and diplomacy so that our arch-rivals (NDC) does not make political capital out of this.” What business does the Minister of Finance have inserting himself into the affairs of the Bank of Ghana in this matter? In what way is Dr Papa Kwesi Nduom a “threat to the survival”
Please Mr Ken, we don't want "abusua ne manso biara" we need our money. You should have instructed the banks to pay all their depositors money before collapsing them. If they failed to do so, you then go ahead to cease all assets of the banks, sell them to pay the depositors. Did you do that? You have consumed hardearned money, now you call yourself a rich man. God sees you. And don't forget, oppressing the poor has a big consequence. Your money was there, you quickly withdrew all and caused these mess afterwards. God will pay you and everyone involved.
Ken just go on with your work to bring sanity.Dont waste your precious time to answer those ignoramuses!
***barred word***! You did!