Sale of ICB smacks of corruption – Napo

The Member of Parliament (MP) for Manhyia South constituency, Dr. Mathew Opoku Prempeh, says technocrats in Ghana are to blame for the country's economic woes.

He stated that technocrats in the various government institutions, with the stroke of their pens, rob the nation of huge sums of money to the detriment of the ordinary Ghanaian who is wallowing in abject poverty.

Napo, as he is popularly called, was commenting on the sale of International Commercial Bank (ICB) Ghana to First Bank of Nigeria.

ICB, which commenced operations in Ghana in 1996, is a network of twelve banks spread through three continents: Asia, Eastern Europe and Africa.

First Bank rated the most valuable Nigerian bank will officially take over the operation of ICB in December.

But speaking on Asempa FM’s Ekosii Sen programme Monday, Dr. Prempeh said the Bank of Ghana failed to do due diligence before the sale was done.

According to him, the Bank of Ghana (BoG) failed to list the sale of ICB on the stock exchange for interested Ghanaian companies to bid before taking the final decision.

“Bank of Ghana is mischievous; it only works in the interest of foreigners and not Ghanaians because it failed to do due diligence before selling ICB” he stressed.

Napo intimated that BoG has failed Ghanaians by selling off state assets to foreigners who will take all the profits to their country.

He could not fathom why BoG usually engage in deals with foreign companies even when Ghanaian companies express interest in the same transactions.

The Manhyia South MP noted that the conduct of some civil and public officials is enough evidence that technocrats in this country have failed.

“The technocrats in the various state institutions engage in corrupt acts, but politicians are rather held responsible. This time we will expose all of them”.

Napo called on the government to as a matter of urgency reverse the sale of ICB for First Bank of Nigeria and give equal opportunity to Ghanaians interested.