Founder of think tank Danquah Institute, Mr Gabby Asare Otchere-Darko, has asked Bolgatanga Central MP, Isaac Adongo, to stop blaming Finance Minister, Ken Ofori-Atta, for the plight of some struggling local banks which have gone under, as a result of – in Mr Otchere-Darko's view – the mess created by former handlers of the Bank of Ghana under the Mahama administration.
“When one set of banking supervisors fail so scandalously in their duties and another set is at it trying to fix that mess, let’s be modest with our mischief”, the president’s nephew said in a riposte to the opposition lawmaker who had issued a statement to ‘school’ the lawyer on banking, after he (Mr Otchere-Darko) had accused him of not knowing the difference between a commercial bank and an investment bank.
Read Gabby Asare Otchere-Darko’s full reply below:
I read that I am being schooled by Adongo on banking. That’s OK. I still blame Ace. I have just one extra take on this. The classroom is for theory.
The banking hall is for serious business; not for treating the deposits of millions of Ghanaians, who work hard for their money, with allegedly such gross, criminal negligence.
And, the media space is not just for false propaganda.
Yes, in theory a universal bank can choose to offer investment banking services and even brokerage services as part of its product offering. But, under separate licences granted by the SEC.
A true investment bank and asset manager bank, like Databank, which is only licensed by the SEC and not the BoG, cannot do what a universal bank does. This is simply what it is! So why bring Databank into a different set of regulated companies?!
Databank cannot take deposits. It is a totally different business model with a different set of natural competitors. For it to be called or described as a competitor to the likes of UT, Capital, Royal, uniBank, Sovereign, Beige, Construction Bank, etc, Databank would need to be able to take deposits, be a primary dealer, deal in forex and correspondent banking, amongst other things which IT DOES NOT DO BECAUSE IT CANNOT since it is not a universal bank.
As such, to claim that Ghanaian banks are collapsing because the Finance Minister has an ulterior motive, which is to eliminate competition against Databank, is absolutely incorrect and pure false propaganda.
When one set of banking supervisors fail so scandalously in their duties and another set is at it trying to fix that mess, let’s be modest with our mischief.
When your wife leaves you because you couldn’t give her a child. Please, don’t blame it on condom.
Is Databank or even Enterprise Group under Bank of Ghana? But, of course, we are not in a classroom to take lessons on theory. Are we? But, then again who am I? A mere lawyer with a network, peddling my influence as such.
Source: classfmonline.com
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One MP I've found empty is Isaac Adongo,he's too weak to the extent that he simply doesn't know difference between INVESTMENT bank and COMMERCIAL bank.Empty barrel makes the most noise,Tani Adongo! NDC's hate for Gabby is the fact that he exposes their ignorance and unintelligence whenever he speaks.He's too hot for them.
What can we get from a country when a ***barred word*** hands over power to a BAD DOG?
What about the collapsed new banks that were granted permits to operate in 2017 by your so called good set of supervisors. You are just blowing hot steam. Witless work
Gabby, this your condom analogy is simply childish. You make more sense when you are quiet.
Massa Gaby, you failed your law school exams multiple times and had to be bailed out by your Uncle,s cronies. Yet, you pontificate on national discourses like some academic colossus whose views should be the last word. Because of your weak performance in law school, you have not been able to ever practice law in the court room! The most desperate criminal will turn down your pro-bono service because of your poor reputation in the legal fraternity. The only thing going for your now is your Uncle's presidency which you are busy milking to your financial advantage. Shut and up and enjoy whiles the gravy train lasts and leave Ghanaians alone!
I knew people will come here and lambaste Gabby without even reading what he has written because already he is hated by many. However people who understand politics will see through the role he is being made to play which he is doing to some perfection. If the NDC want to stay relevant they should start ignoring him else he would always make them look s5tu1d before the public. Knowing how the NDC hates Gabby, the NPP is using him to make them more angry thus making them act before thinking out of anger and thus making unpardonable mistakes like what Hon. Adongo with all his knowledge in finance keeps making. Anybody with basic knowledge in finance can clearly see that Hon. Adongo has disgracefully bombed big time for not being able to differentiate between a purely investment bank and a commercial bank. Yet as a result of his share hatred and despise for Gabby I know he will continue to fight him and get himself more exposed as an ***barred word*** person.
Gaby Asare Okyere Darko is one of the nemesis of this government. He will surely be part of those who will send the government into opposition. His arrogance is becoming a nuisance. Yes we will not blame condom for not having a child with our divoced wifes. Good advice. But Gaby must also know that he is already in a pit and a cardinal rule for survival in such a condition is to stop digging.
Adongo knows he is not going to parliament after 2020 so he is trying to secure his living after 2020. That's why he is trying to be relevant so he can secure a job in the banking sector after loosing his parliamentary seat at the primaries to Amaliba.
Gabby should allow NANA ADDO GOVERNMENT to do their job, why are always putting false statements at times? Please leave the communication ministry to do their job please .
YOU AND YOUR UNCLE DOG AKOFU ADDO ARE ***barred word***