Audio Attachment: Listen to Allotey Jacobs on Peace FM's 'kokrokoo' |
Central Regional Chairman of the National Democratic Congress (NDC), Bernard Allotey Jacobs has described as too quick the takeover of UT and Capital bank by GCB Bank Ltd.
“The Bank of Ghana has turned into American Marines . . . all of a sudden we heard the Governor of BoG has directed that the GCB should take over . . .” he said.
He was of the view that Ghanaians especially customers of the two banks should have been informed that the two banks were distressed and that they will be closed down.
Contributing to a panel discussion on Peace FM's morning show ‘Kokrokoo’, Wednesday, Allotey Jacobs said: They (BoG) shouldn’t take us for a ride . . . all of a sudden they decided that GCB should take over without the knowledge of Ghanaians, even the shareholders of both UT Bank and Capital Bank . . . they should make things clear . . . as the days pass by we will all see what will happen.”
According to him he is not surprised the GCB Bank is saying some workers of the two defunct banks would be laid off as a result of the takeover.
He used the takeover of then Merchant Bank by Fortiz Private Equity Fund Ltd. and rebranding it to the Universal Merchant Bank (UMB) as an example.
According to him the NPP used the sale of Merchant Bank for politics which nearly collapsed the country's financial market, then further accusing the then President's brother, Ibrahim Mahama of causing its collapse.
" We never listened to the NPP . . . the NDC government used a well thought measure, method and now look at how UMB is performing, it is progressing and their brand is superb. It took the wits and wisdom of our financial experts, the then Minister for Finance and his deputies turned around the fortunes of Merchant Bank . . . it is one of the vibrant banks in Ghana now," he stated.
He said the Minority in parliament following its press conference on Tuesday by former Deputy Finance Minister, Cassiel Ato Forson just reminded the Governor of the Bank of Ghana and educated Ghanaians on certains Legislative Instruments and acts passed in pariament which protect the deposits of customers and also protects the banks.
"We are reminding government, we are not doing politics with it," he said on Peace FM's 'kokrokoo' Wednesday morning.
Fortiz Private Equity Fund Ltd, a wholly owned Ghanaian equity fund reached an agreement with the Social Security and National Insurance Trust (SSNIT) and SIC Life to take over the majority stake in Merchant Bank Ghana Ltd on 1st November, 2013.
Under the terms of the Agreement, the acquisition includes the nonperforming loans in Merban Assets Recovery Trust.
In a statement released by the Bank of Ghana, Fortiz Private Equity Fund Ltd. will inject adequate capital to address the solvency and liquidity challenges facing the bank and implement a turnaround strategy to ensure
that the bank continues to operate normally.
The strategy includes listing the bank on the Ghana Stock Exchange within three years.
The Bank of Ghana reviewed the Agreement of the parties and granted its approval.
Source: Rebecca Addo Tetteh/Peacefmonline.com
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Sh3 no wh3n3 kakraka bi (look at his b1g nose)
I was shocked to hear this joke of a gentleman commenting on this technical issue he has no idea of....his comments exposes his I.gno.ran.ce. NPP needs a credible & smart opposition & not this j.oke.
Mahama deliberate collapse Merchant bank and sold it to his brother including worker pension where was this ug,ly fac.e imb,ecile talking without making sense like a l.unatic
NDC has a past record of not being bold to take decisions. When all indications pointed out to the collapse of the defunct Ghana Airways, they were unable to take a bold decision of dissolving the airline. Te left the whole 'chaos' for the NPP Government to take a decision only to blame the NPP for the collapse of Ghana Airways. The NDC was never able to dissolve Food Distribution Corporation and the Food Production Corporation. They were just left to rot without paying the workers off. The UT/ Capital Bank issue is not a 7 month issue for anybody to be blaming the NPP. The NDC should rather be grateful for the bold decision taken to save a situation that would have eroded confidence in the Banking System. The Press Conference by the minority is a face saving action since the Ministry of Finance was aware but did not have the guts to take the decision at the time.
Well, please read the mandate of the BoG. They are doing exactly what they have been mandated to do. Sure they did a good job by rushing in to take over these failing banks so as not to cause any panic in the financial sector. Know that the only thing banks give you for your money is trust. Without which banks fail and not only these banks but the entire financial sector.
ALLOTEY IS THE MOST INTELLIGENT MAN U HAVE IN THE NDC AND THAT'S WHY GHANAIANS AREN'T GOING TO ALLOW NDC TO RULE GHANA AGAIN!!!!!!!!
ALLOTEY SHOULD STOP HIS ***barred word*** RAPS AND ALLOW US TO PISS!!!!!!!!
Ignorance or ***barred word*** at higest level indeed
As a fisherman, you don't know anything about banking so just shut and let the experience folks do what they have to do. If BOG had not done this it would have led to like what happened to pyram and other ponzi schemes
Allotey is an uninformed and ***barred word*** person and should cease commenting on technical national issues. No wonder they allowed God Is Love and DKM customers to suffer unnecessarily. Again, there are too many banks in Ghana, and I therefore expect the bank of Ghana to increase the Minimum Capital Requirement (MCR)and to force weaker banks with weak assets base to consolidate. Ghana does not need so many high street banks.