Banks were collapsed to strengthen Enterprise Group - Adongo claims

Member of Parliament for Bolga Central is accusing the Governor of the Bank of Ghana of colluding with the Finance Minister to collapse Ghanaian owned banks.

Isaac Adongo claims Ken Ofori Atta is seeking to strengthen the enterprise group and so has teamed up with Ernest Addison to collapse indigenous banks in order to reduce competitors on the market.

The Bank of Ghana recently collapsed five Ghanaian owned banks and merged their operations into a new financial institution, The Consolidated Bank.

The five banks have been accused in a report of misapplying and misusing depositor’s funds, including financial injection or recapitalization by the Bank of Ghana to lift them out of the doldrums.

Speaking at a public forum on the banking crisis organized by Progressive Alliance Media Communications, the Bolga Central MP said the Central Bank governor is squarely to blame for the crisis.

“He, Addison is the main reason why we are where we are now because he is behaving like a robotic regulatory machine, somebody is sitting somewhere and when they push him, they say go and do this and he is there” Adongo maintained.

He continued there is a hidden agenda behind the collapse of the banks. An agenda to reduce the number of banks in the country without any clear-cut policies.

Mr Adongo noted the collapse of the banks leaves only five local banks operating in the country, with four owned by the government of Ghana.

This leaves just one Ghanaian bank not owned by government. The climax of the plan he claims is for the Enterprise Group, one of whose founders is the Finance Minister Ken Ofori Atta to purchase that sole bank.