Minister of Finance, Ken Ofori-Atta says the Government of Ghana has no regrets over the collapse of some financial institutions in the country.
Following a move by the Central Bank and the Securities and Exchange Commission (SEC), fifty-three (53) fund management companies and over twenty banks, as well as Savings and Loans companies, had their licences revoked over issues of financial mismanagement and unfair treatment of their customers.
Banks like the uniBank, GN Bank, Heritage Bank, Sovereign Bank Limited and Capital Bank among others were taken over by the Central Bank.
Five of the insolvent banks namely The Royal Bank, Beige Bank, Sovereign Bank Limited, Construction Bank and Unibank were amalgamated into a Consolidated Bank Ghana which is chiefly owned by the State.
Speaking in an interview with host Kwami Sefa Kayi on Peace FM's 'Kokrokoo', Hon. Ofori-Atta sent no apologies to the collapsed banks.
According to him, he believes in the banking reforms by the financial authorities resulting in the revocation of the licences of the banks.
Responding to accusations of wrongdoing on the part of the government regarding the banks, the Finance Minister said he doesn't expect every Ghanaian or opposition political party members to like him or the government for doing the right thing.
He proverbially stated to get the right thing done, there need to be sacrifices; hence the financial authorities need to make the hard call to salvage the financial sector in order to achieve a robust economy.
''To everything, there is a possibility to have done something much better than you did but rarely, honestly, no apologies. The situation we came to meet was already before the Bank of Ghana and the Ministry of Finance that the asset quality review was clear that these banks were going to collapse...It was before them for about one and a half years.
''For instance, when going for war, you know, a few soldiers will go to die for the 30 million people. So, by all means, there will be some sacrifice and then there will be some burden-sharing. And if you look at 4.6 million depositors whose money has been saved and a few may be more than wealthy people are siphoning certain things, I don't know that's the cost of leadership. [You know], how do you save the community over one or two individuals. It's a hardcore; so people, those who don't even know the issues, will say things against us...'', he said.
Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana
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They were going to collapse? and you collapsed them before their time, without protecting the customers deposits, what good have you done to the clients then? If quack banks collapse and depositors funds are locked up, and a BoG regulated bank equally collapse with depositors funds locked up, then what benefit does an individual get from doing business with the latter?Prior to the collapse, which bank's customers were aggrieved that they couldn't access their funds? And after all these months, prosecution is yet to start. We are just wicked towards our own selves, that's why we suffer, black people are selfish, with no love for their fellows
ALL IS WELL WITH YOU KEN OFORI ATTA,STILL WE GHANAIANS ARE BEHIND YOU FOR YOUR GOOD WORKS.MY OWN TRIBEMAN ATTO FORSON,s CREDIBILITY IS AT STAKE BECAUSE HE COULD,NT PROOF HIMSELF AS A QUALIFIED FINANCE MINISTER DURING HIS TIME IN OFFICE.
Some guilt is worse than the other. Some convictions are in warnings, others are fines, still others are smaller sentences like 30 days impresonment and 6 months. One can also be jailed for life and other death. That explains why others were close and others were supported.
@ABCD, perhaps Prudential Bank officials did not siphon money out of their Bank, like the others who are confessing and entering plea-bargaining after initially denying any wrongdoing!
So why did you not shut Prudential Bank down?
Kenny, you can't lie your way out of this one! You and your ***barred word*** Governor were a bull in a china shop!