There seem to be a lot of public uproar on the recent news of 'rot' in the banking industry. The collapse of some giant indigenous banks has shaken the sector and raised serious concerns.
I write, not as an authority in the financial sector, rather as an educated, enlightened young Ghanaian having his country at heart. These recent developments has awakened some of us to develop an inclination towards the financial systems and structures laid in the country.
Personally, powerful light thrown at Capital Bank's saga seem to have caught my attention the most. I have keenly followed media engagement on the entire issue.
My drive to write and come to public from obscurity was born after perusing Chris Vincent’s write-up on the ugly mismanagement of Capital Bank led by Pastor Mensa Otabil.
Reading Chris' argument made me to feel that at last, there are some level-headed Ghanaians who resist to kowtow to religious indoctrination. It seems religious leaders are overrated and undeservingly revered and in addition cannot be
subjected to scrutiny or criticism.
So, I felt a bold man has stepped out to speak against the perhaps, most influential religious leader in the country and on the continent. I patiently followed his argument. They were sensible deductions but baseless claims.
However, I still gave him a thumbs-up for such bravado and education. The thoughts that started running through my head was, could Pastor Mensa Otabil - an epitome of wisdom, courage and character deign to misconduct himself in such a manner? Especially, having heard him preach, saying "Do not follow money, rather a calling, for money will bring you lots of sorrows, if it is your main goal in life".
I, then, hoped to read a reply from the pastor responding to the issue to clear the doubts of his wide listenership and readership. At last, he replied. His reply was clearly aimed at attacking the issue, making clear the exact role he played at the bank. He, in addition, stated to have submitted himself to the ongoing investigation by the EOCO et al.
Honestly, I was compelled to salute "His righteousness" for his decorum and collectedness in light of the developments and criticisms. I was glad because he responded sensibly and coherently without sentiments. Some financial
experts have rebuttalled his claim of holding a non-executive role as a board chairman to be a baseless argument to absolve him of blame and responsibility.
As an intellectual who upholds logical thinking and inductive reasoning, I opt to stand in the middle and form an unbiased perspective of the situation, making constructive arguments to help the ordinary Ghanaian understand and have a true
picture of the situation.
It is, undoubtedly, true that a board chairman together with his board has the responsibility of the directive role of the institution. Ergo, the need to interrogate and investigate Pastor Otabil.
However, analysis of the situation in relation to his
circumstance presents an otherwise perspective. This is a man who runs a Church-ministry full time and only invested hugely in the bank to see it develop into a multi-national corporation, especially, since he has been an advocate of
possibility thinking, inspiring millions of Africans to change their mindset and adapt a can-do spirit. It is not unknown that pastor do not have expertise in finance.
Thus, the presumption that he was elected Board Chairman due to his exemplary leadership, deep understanding of life, wise counsel and the courage to dare big things and, probably his huge share in the company. To call him incompetent
serves no purpose because he has no technical know-how in that field and also the fact that he is just a human and not beyond fallibility.
The most important consideration should be, what was his intentions? Did the man of God connive with the CEO to deploy resources and misappropriate funds to serve their personal interest?
These questions and many more are tools to effectively probe the issue to ascertain if he is culpable.
So, I come back to Chris Vincent. I was totally disappointed at Chris - a man whom I considered courageous and intelligent reply Pastor Otabil's response, using words such as ‘gibberish’ in reference to the scholar and ‘foolish’ for his followers.
It seems clear that Vincent's intentions is not to serve the interest of the Ghanaian populace but rather to capitalize on this issue to attack Pastor Mensah Otabil's personality with impunity.
I, herewith, urge Chris Vincent and his like-minded writers to be objective and do away with emotionalism, sentimentalism and vulgarism. This will only portray them as haters of the man of God. In the interim, investigations are underway and
in due time culpable fellows will be convicted and prosecuted. Hence, let us allow due process to work.
Thank you.
Yours faithfully,
…………………………………….
Sheriff Asiedu Ampem Alhassan.
(BSc Chemistry, MSc Economics, IELTS tutor)
E-mail: [email protected]
Source: Sheriff Asiedu Ampem Alhassan.
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
You are an educated illiterate, and as a ***barred word*** born again christian as described by that your so called man of God pastor Otabil. I thought you were coming on board to talk sense as you described yourself as an intellectual, you are disappointing and senseless. How do you defend such ***barred word***.netx time dont waste time and space on such intellectual matter. ***barred word***.
OTABIL IS A ***barred word*** PAR EXCELLENCE! CROOKED CROOK.
All of you are right. Pastor Otabil is the best person to explain the issues. I think it was completely wrong for him to occupy that position. Check the composition of the members of the board-all from ICGC. Almost all staff are from ICGC. So which ICGC member will have the courage to tell Mr Otabil - you are wrong? For me, they all failled the trust reposed in them. They should be humble and tell ghanaians that we are sorry; we have failed you and we will forgive them. But I doubt if Mr Otabil and his people will own up this this way - the more reason people are calling for his head. This is not religious issue; it is financial issue. If Otabil and co are not prosecuted, I tell you the financial sector will lose the needed trust of managers and the government, especially when Mr Otabil supervisese the mis use of Emergency Support Funds from the BOG. Now we the poor tax payers are not bear the brunt of their misconduct.
The issue is SIMPLE people have began to put TRUST in man than anything. It is true most people joined the bank because they heard and knew Pastor Otabil as the Board Chair. For crying out loud. HE IS HUMAN- open to mistakes. Secondly most commentaries on what he did is based on the fact that he should have stayed in his own CORNER and not meddle in the areas he wasn't good at. What I will add is especially on HIS COMMENTS. It is a fact that on receiving the money from the BoG 1. Directors increased their fees 2. Acquired first and business class tickets for some 3. Transferred some monies to some organisations 4. In totality, mismanaged the funds The question is DID HE CHAIR THAT MEETING? For me insulting the man is the most UNWISE THING but the FACTS and QUESTIONS need to be asked. This is Ghana's money and ALL OF US are affected now or would be affected.
Thank you @ Mike Jones
@ Sheriff Asiedu Ampem Alhassan. I took time to read your write up and took interest in it especially when you postulated yourself as "enlighten young Ghanaian with Ghana his country at hear. But haven read your piece it is very clear to me that the claim that you have Ghana your country at heart cannot be true. In the end you ended doing exactly what you accuse Vincent of doing-making conclusion based on sentiment, emotionalism and bias. First of all a decision to chair a board should not be one that an individual is compelled to accept. The request being made perhaps based on as you put it a presumption "due to his exemplary leadership, deep understanding of life, wise counsel and the courage to dare big things and, probably his huge share in the company" should be weighed with ones "competency and availability" before accepting. In the realization afterwards that one after all did not have the competency or time to perform such role adequately one can resign from that position or acquire the relevant knowledge. Corporate governance is actually a subject that is thought and can be learnt. So your claim that the "righteous" pastor did not have the competency (which is the only logical conclusion one makes after reading your attempt to defend the indefensible)is neither here nor there. As a board chair the buck stopped with him. He is at the center of every situation whether present at the time the decision is made our not. Are you telling us that he had no knowledge of how the bail out money was used our that the Bank had serious liquidity issues stemming form the misappropriation of the banks fund. He wasn't aware of any of the dubious transactions that took place under his watch? ok what about the letter addressed to him personally as the board chair that detailed ALL the issues that persisted which if not tackled immediately could spell doom for the bank. theis letter was written by no other person that the CEO of the bank at the time. Are you telling us that even then the good teacher you is the epitome of wisdom fail to apply his wisdom and deep knowledge of righteousness? and all this is excusable because he is a none executive board chair. You sir, must be either joking, misinformed, or simply perhaps not as logical as you profess yourself. He is man after all and therefore fallible as you rightly put it. So please do not attempt to throw dust in any ones eyes. He is a very renowned preacher, visionary and perhaps "most influential religious leader in the country and on the continent" But he aired and he aired big time and has broken many heart and disappointed countless others including myself. The least he could do was to accept or acknowledge some responsibility. "submitted himself to EOCO" so what? what option did he have?
Why are we not talking about other Board Chairmen. Is he the only one who chaired a defunct bank.
this pastor was the guy bragging that you do not to be an accountant to be a chair of board of directors of a bank. he claimed its only cost and expenditure and net. this is what happens when you put a square peg in round holes. Mind you its easy to collect tithes and offering from congregation in a church than following/studying accounting principles. honary doctrate degree does not qualify someone to be a chair of board for financial institution. this is how ghana could be described as a failed state because anything shiiit is acceptable. I personnly think otabil should be jailed for causing financial loss to the state and innocent employees loosing jobs. always bragging as if he has the golden touch but all is fake and shiiiit
This is one of the most ***barred word*** things I have read in the last 30 years. What a ***barred word*** of a write up? Do you know the number of people Otabil has defrauded under the veil of religion? Did you read the fraud that was perpetuated by capital bank of which Otabil the crook was the chairman? The hypocrisy in this country is irritating now.
Excellent and thoughtful. By far this is one of the most objective write up I have read since this issues of bank collapse began. It's interesting also how our focus and attention has pinned capital bank only when seven indigenous banks collapsed. Of course, simply brains will settle for the fact that a man of God is involved so it must make news. And that again is not objectivity. Our My opinion.