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BoG Governor Must Resign - Adongo   
 
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10-Aug-2018  
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Hon. Isaac Adongo
 
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Member of Parliament for Bolgatanga Central constituency in the Upper East Region, Isaac Adongo says the Governor of the Bank of Ghana, Dr. Ernest Addison must resign.

To him, Dr Addison supervised the recent collapse of indigenous banks in the country.

Speaking on Okay FM's 'Ade Akye Abia' programme, he accused the Governor of the Central Bank of aiding some Directors of the defunct banks to misappropriate tax payers money.

The Bank of Ghana last week merged five banks into the Consolidated Bank of Ghana Limited.

The affected financial institutions are; Beige, Sovereign, Construction, UniBank and Royal Banks.

It follows the insolvency of the five banks after investigations by Bank of Ghana (BoG).

"Government has also issued a bond totalling GHc5.6 billion to cater for bad assets of the five banks," Dr Addison said.

Explaining, the Governor said Unibank and Royal Banks were under capitalised and that those banks were beyond rehabilitation. On Royal Bank, he said non performing loans were high, whiles Sovereign Bank obtained its license by false pretences through the use of suspicious and non-existent capital.

According to an investigative report, the management of Capital Bank, with the approval of the Board Chair, diverted some of the Bank of Ghana (BoG) GHc 610 million liquidity support for other uses.

Some of that money was presented as capital to set up another collapsed bank, Sovereign Bank.

Among the flagged transactions were GHc 27.5 million used for business promotion and handled by a board member; transfers to IFS amounting to GHc 23.9 million, transfers to Nordea Capital amounting to GHc 65 million, and transfers to Alltime Capital amounting to GHc 130 million.

The GCB in 2017, took over the two banks under a purchase agreement approved by the Bank of Ghana.

GCB Bank has since absorbed about four hundred workers

But, Hon. Adongo believes Mr. Ernest Addison has shown gross incompetence, thus must resign.

"Collapsing indigenous banks does not make sense. It is just a lazy approach to put banks on their toes. What were they doing when these banks started to experience financial distress?....They have oversight responsibility of monitoring and supervising these banks," he said.

However General Secretary of the ruling New Patriotic Party (NPP), John Boadu says Mr. Addison should be patted on the back for sanitizing the banking industry.

Speaking on the same platform, he explained that though the BoG was not effective in dispensing their duties, Mr. Addison cannot be blamed.

"....it was a painful but necessary decision for the government to take since monies of customers of these banks needed to be protected," he added.
 
 
Source: Isaac Kwame Owusu/Peacefmonline.com/[email protected]
 
 

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COMMENTS




Name: CJ
When you have a mislead president appointing mislead and supper incompetent ministers to head institutions why won't banks be collapsion? this government doesn't know where this country is heading full of confused and hasty decisions here and there. We need to substitute this supper incompetent government in 2020 like how players are substitute because he is dragging the country's development backward.
 
Name: NPP ***barred word***-S
NPP Illi-tera-tes are at it again. Instead of you fo-o-l-s to sit down and analyze Adongo's statement and learn from it and even if possible send a copy to your mislead president and his mislead government you ***barred word***-s are making noise
 
Name: BEN
You are empty headed person you knew nothing, the parliament is full of block headed people like Adongo they are only there for their salary. The 2 past governors of bank of Ghana need to be prosecuted for their role they play in given license the collapsed banks
 
Name: @Adongo adongo
This Adongo guy is just making 2 much NOISE.Is it not this same Adongo who took Loan from GN Bank who still owes the Bank. Adongo is part of the reasons why UT and Capital collapsed.BOG chase Adongo I learnt he is operating unlicensed micro-finance in this country.
 
Name: KK
People did not understand why the NDC BOG resigned when NPP came to power. It because of the mess he caused which led to the eventual collapse of our banks. The governor simply run away.
 
Name: Ahadzie
This Adongo boy is one of the most ***barred word*** in the NDC. He never make sense
 
Name: GG
SO THIS ADONGO HAS THE EFFRONTERY TO ESCHEW THIS GARBAGEEE? HE'S NOT ASHAMED OF HIMSELF AND HIS NDC/MAHAMA??? AFTER SUPERINTENDING OVER 8 YEARS OF MESS IN EVERY INCH SPACE OF THE ECONOMY, YOU STILL TALK SHITTIIII ABI?? YOU WERE IN A SUPERVISORY POSITION TO HALT THE CANKER, YET YOU FAILED TO DO SO. YOU LOOKED ON UNCONCERNED WHILST MAHAMA AND HIS BROTHER MILKED THE ECONOMY DRY, SHARING GHANA'S MONIES WITH YOUR FAMILIES AND FRIENDS WITH IMPUNITYYYY. YOU ALLOWED IBRAHIM MAHAM ALONE TO TAKE A LOAN OF $38M OF ORDINARY CITIZENS SAVINGS, AND THE REST SHARED AMONG THE BANK DIRECTORS AND BOARD, YET YOU SAW NOTHING WRONG, AND AFTER THE COLLAPSE OF THESE BANKS, YOU WANT SOMEONE WHO HAD NO PRIVY TO THE MESS TO RESIGN??? ARE YOU SERIOUS AT ALL ADONGO?? DO YOU HAVE BRAINS IN YOUR HEAD AT ALL???
 
Name: Atsu
Dr Henry Wanpah is too quiet for my liking in this national banking scandal never seen before. He was the governor of the Bank while these compromises of oversight roles were taking place. I cant get it how an irresponsible bank that dissipated customers deposits be given GHs610m to manage without supervision. We know that for even $1m projects,the World Bank exercises full and good control and releases funds to pay suppliers duly contracted under strict terms directly and would not leave all $1m in the hands of criminals in suit to dole out as they wish, let alone $160m equivalent in cedis. I am getting angry paaa. No wonder Ghana is not growing despite the numerous sacrifices of the good and hardworking people of the God blessed land
 
Name: Onu
I now understand why Kennedy Agyapong said parliament had become so ch3ap, how come an 1diot like Adongo Who doesn’t even know anything about banking and its regulations could making this d!sgraceful statement
 
Name: Eric
This hog doesn't even know difference between investment bank and commercial bank yet he opens his ***barred word*** beak to talk rubbish.How dare nonentity like him is given media platform to speak ***barred word*** since NDC lost elections.I'm yet to see a sound person among these greedy bastards.
 



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