Editor-in-Chief of the New Crusading Guide, Kweku Baako has expressed empathy for Dr. Papa Kwesi Nduom, Seidu Agongo and former Finance Minister, Dr. Kwabena Duffour over the collapse of their banks.
Dr. Papa Kwesi Nduom owned the GN Bank whereas Mr. Seidu Agongo was the founder and majority shareholder of the Heritage Bank and Dr. Duffour was the owner of UniBank.
The banks lost their licenses alongside 22 other Savings and Loans Companies and Financial Houses.
The Central Bank further merged five banks including UniBank into a Consolidated Bank of Ghana Limited.
Following the collapse of the banks, Dr. Papa Kwesi Nduom and Kwabena Duffour are in court to reclaim their banks' licences.
Groupe Nduom claims the Government of Ghana and its agencies owe the company over GHC2.2 billion out of which over GHC900 million was assigned to GN Savings.
On 30th August 2019, Dr. Nduom filed a motion at the High Court (Human Rights Division) saying the Bank of Ghana (BoG) did not take into account the full value of money owed and due to the company by the Government of Ghana and its agencies and also claimed if a fraction of the debt had been paid, his bank would have been adequately liquid to avoid the revocation of its licence.
Dr. Duffour, on the other hand, has been hauled to court together with former 2nd Deputy Governor of the Bank of Ghana, Mr. Johnson Asiama by the Attorney General; officially charging them with money laundering and willfully causing financial loss to the State respectively.
But the former Finance Minister's lawyers have filed a counter-suit challenging the legibility of some documents served on them by the State.
The lawyers, on Thursday, July, 16, 2020, took turns at the High Court contending that they have not been served with some of the pre-trial documents and further argued the documents the State is relying on also could not subject them to scrutiny.
Speaking on the banking sector reforms on Kokrokoo, Kweku Baako sent his best wishes to the banks which are at court to defend themselves.
According to him, in as much as he appreciates government's efforts to resolve the banking sector challenges, he's however hurt that Dr. Duffour, Papa Kwesi Nduom and Mr. Seidu Agongo have become casualties of the BoG action.
''...without the backing of science, science meaning the evidence; something of evidential value, sentimentally I felt for about three banks. I felt for them, just without any evidence; Nduom's bank - the GN Bank - yes I felt for him. Maybe it's because of my personal relationship with him. And also that young man who own Heritage Bank, Seidu Agongo...Because of his extension to radio, we met a couple of times around 2014/2015. I like to see the young men doing well. So, I admired him. I admire young men who strive to make something of life. Some of us during our youthful period, we were a complete waste....His situation really hurt me...The same with UniBank, I'll tell you honestly; you know Dr. Duffour is a personal friend...I'm okay that some of them went to court and are battling the case in court. I wish them well'', he said on Peace FM's ''Kokrokoo''.
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