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Business News Tue, 19 Mar 2019

Collapse of five indigenous banks: Ken Thompson raises concern about delay in prosecution

The Chief Executive Officer of Dalex Finance, Mr Kenneth Thompson, has expressed worry over the delay in prosecuting persons responsible for the collapse of the five indigenous banks.

According to Mr Thompson, huge sums of money have already been lost adding that if justice was not delivered swiftly, it would “undermine the integrity of the system” and affect other sectors of the economy.

Mr Thompson insisted that “those who caused the mess in the financial sector caused the nation,” adding that the public should not make excuses on behalf of managers and personnel who supervised the operations of the defunct banks.

He was speaking on the sidelines of a forum organised by the Arrupe Jesuit Institute and the Catholic Professionals Guilds in Accra.

The forum held on the theme: ‘Christian ethics in the financial sector: A critical conversation’, discussed the need for financial practitioners to abide by ethical principles of their operations.

Mr Thompson said, legal processes should be fast-tracked and those found guilty should be brought to book.

“Let us not glorify thievery, it was just plain old stealing,” he said. “Take them to court, if they are innocent, set them free; if they are guilty lock them up,” he added.

The CEO further argued that the financial sector was still in a very bad shape, considering that the government needed to borrow about GH¢8billion to ensure that the system did not collapse completely.

He emphasised that there should be processes which allowed any infractions to be dealt with very promptly.

Mr Edward Effah, Board Chairman of Fidelity Bank, also suggested that misappropriations in the financial sector were a reflection of widespread immorality in society.

He admitted that “temptations” in the financial sector were “so huge” hence the need for strong Christian principles.

Mr Effah further emphasised the need to inculcate the “right values” in the youth, while heads of institutions also exhibit good morals at their workplaces.

Mr Kwabena Addison, the Managing Director of Quality Insurance Company, submitted that accountability, responsibility, and fairness, among other principles, should guide Christians operating in the financial sector.

He noted that fear and societal pressure were a major obstacle to abiding by godly values in the financial sector.

“We are either afraid that by being ethical you may not hit your targets. We are either afraid that promoting people who deserve promotion will create threats, we are either afraid that sharing your talents will create competition,” he stated.

Mr Kenneth Thompson (far right), Mr Edward Effah (fourth from left), Mr. Kwabena Addison (fifth from right) and other guests after the event.

Source: ghanaiantimes.com.gh
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