Economic Crisis: Bank Of Ghana Should Be Partly Blamed

Bank of Ghana has failed Ghanaians; infact, I will blame BoG for about 60 percent of the crisis the economy is going through right now�it is high time we bring these people to book; they are just doing anything they like and the country is suffering but we cannot continue like this forever� says Member of Parliament (MP) for Manhyia South constituency, Matthew Opoku Prempeh popularly known as Napo. Napo was lashing at management of Bank of Ghana (BoG) for what he claims is their �shady� dealings with Nigerian based First National Bank (FNB). BoG is said to be overseeing the takeover of International Commercial Bank (ICB) by FNB. According to the MP, instead of BoG representing the interest of Ghanaians and selling off assets of the company to interested Ghanaians, �they are rather interested in selling banks to foreign countries rather than Ghanaians�. Mentioning mergers like, The Trust Bank (TTB) to Ecobank, Merchant Bank to Rand Bank, he does not understand why BoG always engages in deals with foreign companies who end up taking the country�s money back to their country. �We should know that the person who controls our finances control the economy. When government goes for loan, then these foreign banks take the money (dollar) back to their country with the help (indirect) of BoG. The bank was supposed to have acquired the property in 25th August 2013 but Bank of Ghana could not close that deal and instead of opening it for other companies to apply, they gave FNB an extension�you don�t just write exclusive letters to the company�for all you know another company can come in and give a better offer,� he told Kwami Sefa Kayi on Peace Fm�s morning show �Kokrokoo� He lamented that all efforts by parliament to deal with the issue has proved futile because when they (BoG) are invited to answer questions in relation to issues 'like this they don�t come�. �This is not about government but in the long run, Mahama will be blamed. Meanwhile, they are technocrats who are advising government and they are advising government very badly. It is high time government stamps its authority. Government should intervene and list the company (ICB) on the stock exchange for interested Ghanaians to step in, (acquire shares) and stimulate the local economy,� he added.