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BoG Cleanup Reforms Necessary, Adongo Stop Your "Adongonomics" – Buaben Asamoa   
 
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12-Jun-2019  
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The National Communication Director of the ruling New Patriotic Party (NPP), Hon. Yaw Buaben Asamoa has commended Governor of Bank of Ghana for the cleanup exercise in the Micro Financial sector of the banking industry.

According to him, the action of the opposition NDC party when they were in power led to the collapse of these financial institutions in the country.

The Member of Parliament for Bolga Central of the opposition National Democratic (NDC), Hon. Isaac Adongo earlier speaking on Okay FM’s Ade Akye Abia Programme has accused the governor of the Bank of Ghana, Dr. Ernest Addison and NPP Government  for the collapse of micro-finance and micro-credit institutions in the country.

The Central Bank announced the revocation of licenses of 347 microfinance and 39 microcredit institutions over insolvency.

The action, according to the Central bank, is pursuant to section 7 of the Non-Bank Financial Institutions Act, 2008 (Act 774), which mandates the Bank of Ghana to revoke the license of a non-bank financial institution (NBFI) licensed under that Act if that institution among other things ceases to carry on business or ceases to satisfy a qualification under the Act or contravenes any provision of the Act or rules or directives issued by the Bank of Ghana. Governor of the Bank of Ghana Dr. Addison has always maintained the cleaning up of the financial sector is to protect funds of depositors and sanitize the sector.

But Adongo argues the central bank itself is complicit in the predicaments of the players in the financial sector hence the blame.

But Reacting on Okay FM’s Ade Akye Abia Programme, Hon. Yaw Buaben Asamoa debunked the allegation adding that the NDC MP and his cronies have no credibility to talk about the cleaning exercise by the Bank of Ghana Governor.

He reveals that during 2016 campaign, the then government (NDC) borrowed a lot of money from these banks to Finance their campaign activities which were never paid leading to their collapsed.

“NDC and Adongo has no credibility to talk about the cleaning up of the financial sector to protect funds of depositors and sanitize the sector because they contributed a lot to the collapsed of these banks by misappropriated the money belonging to Ghanaians during their turner in office.”

Adongo and NDC had the opportunity to sanitize the banking sector when they were in power but did nothing to help the situation because they lacked idea to protect funds of depositors.

They should keep quiet and watch NPP do the needful.

The Akufo-Addo-Bawumia Economy is in good shape, the NPP government is not here to embezzle money but rather work and leave a good legacy for this Country.

Watch full interview below;



 

 
 
Source: Josephine Acheampomaa/Peacefmonline/[email protected]
 
 

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