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General News Fri, 23 Aug 2019

Mahama, Ibrahim Mahama started financial sector mess - Wontumi

Just hours after John Mahama interacted with Ghanaians and mentioned how he would turn the difficulties bedeviling the banking sector into fortunes, the Ashanti regional Chairman of the New Patriotic Party has responded to his address, noting that the current banking mess was created by the former President.

According to the former President, “The current challenges in the banking sector are surmountable and we can positively turn these into opportunities to establish stronger and adequately well-capitalised banking sector to support economic growth. If I come to power in 2021 I will improve the banking sector.”

He advised that the banks must embrace modern technologies and work together to increase the industry’s efficiency. Where necessary, they must share skills and expertise. This will help reduce the cost of funds (especially corporate funds) and their cost of operations.

But Mr. Bernard Antwi-Boasiako specifically mentioned that the former President shouldn't forget that it also public knowledge that UT Bank was forced to bend over backwards because his own brother Ibrahim Mahama, owed the defunct bank ¢302m, a facility that was extended to his four companies.



The NPP scribe popularly known as Chairman Wontumi questioned the former President noting that "how can Mahama talk about helping Ghana to have a buoyant banking sector? President Akufo-Addo is doing his best to clean up the mess he Mahama left behind. When Ibrahim took the huge loans what did he did as President when the owners of UT bank approached him? He should tell us what he did. He is just a talkative who created this mess with his brother".

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In 2018, receivers of defunct UT Bank sued prominent businessman, Ibrahim Mahama in a bid to recover more than ¢189m in loans his companies took from the troubled bank.

Two officials of Pricewaterhouse Coopers who were appointed by the central bank to take charge of the bank’s assets, also wanted $35.7m in loans which Ibrahim Mahama guaranteed for the four businesses.

The two loans are to be paid with interest, the writ issued at the Commercial Division of the Accra High court said.

Source: peacefmonline.com
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