Accra, July 31 GNA - The Patriots of the Convention People's Party (CPP) on Tuesday called on Ghanaians and civil society organizations to join in the protest against the proposed sale of Bank of Ghana (BoG) shares in the Agricultural Development Bank (ADB) to some foreign banks.
"If indeed we believe that the Blackman is capable of managing his own affairs, this is the time for us to demonstrate that to ourselves and the world," the group said.
Mr. Kosi Dedey, an aspiring General Secretary of the CPP and Spokesman for the Group was speaking at a press conference in Accra on the Patriots opposition to government's intended sale of BoG's 48 percent share in ADB to some foreign interests including the Robobank of Holland and Standard Bank of South Africa.
The conference, which was attended by some leading CPP Patriots was to generate public interest in the debate and support from civil society organizations against the proposed sale of the bank. Those present included Professor Agyeman Badu Akosa, immediate past Director General of the Ghana Health Service (GHS), Mr. Bright Akwetey, a Legal Practitioner, Dr Nii Moi Thompson, an Economist and Mr Moro Igala, a Chartered Accountant.
Mr Kosi Dedey said the latest attempt by government to transfer strategic national assets to foreign commercial interests was a continuation of the process that started in 1966 to destroy all the accomplishments of the CPP government.
"We view this part of the larger agenda of the International Monetary Fund (IMF) to weaken the developmental state in Ghana and the rest of Africa and further undermine the second stage of the de-colonization struggle, which is to move beyond political independence to economic independence" he added.
He said the public had been repeatedly told that the disposal of strategic national assets, especially to foreign "strategic investors" was meant to rationalize government role in the economy and accelerate national development.
He said 40 years down the lane, the country has very little to show for it and Ghanaians were now struggling to meet even the most basic needs such as food, water, housing and electricity. Mr. Kosi Dedey also expressed concern about government's conflicting and erroneous explanations that its decision to sell ADB was a recent one and not a condition imposed by the International Monetary Fund (IMF).
He said a glance at the IMF website indicated that the fund had been trying since 1999 to compel government to sell off, not only the BoG shares in ADB but also to dispose of other important national assets to foreign investors.
He cited the 2007 budget statement presented to Parliament by the Minister of Finance that banks in Ghana lacked the scale and depth to become the primary drivers of the economy with a total market capitalization in 2005 estimated at 600 million dollars. They hold total assets of 1.4 billion dollars and provided loans of only 1.9 billion dollars that appeared grossly under estimated.
He said for example, the 2006 annual report of Ghana Commercial Bank (GCB) and most recent data from ADB indicated that they have between them alone a combine assets base of about 1.3 billion dollars and it was therefore hard to imagine how the combined assets of the rest of the banks could amount to a paltry 100 million dollars. Despite the many challenges faced by ADB it devoted between 60-70 percent of its loans to the agriculture sector over the years. He said ADB's return on equity was 21.6 percent, only 4.8 percent short of 26.4 percent reported by Stanbic's parent company, Standard Bank of South Africa.
"This is an indication that given the proper environment, including the absence of political interference in its affairs, ADB like any other bank in Ghana can expand and compete with any bank in Africa or elsewhere" he stressed.
Mr Kosi Dedey condemned the subtle attempts by Stanbic bank to manipulate public sentiments and key institutions as well as personalities in Ghana in order to buy the ADB shares cheaply. He said the decision by government to source for 15 million dollars from Stanbic in the midst of this controversy posed a conflict of interest that must be denounced by all.
The Patriots urged government to stand up to the IMF and listen to its people rather than give in to demands of the fund to dispose of all its national assets.
They said Stanbic should be given the opportunity and license to compete with ADB if it was interested in financing agriculture in Ghana rather than seeking to take over another bank to monopolize the sector.
