Stop the lies, misleading and understand banking issues well - Group to Isaac Adongo

A group calling itself, Concerned Voters Movement (CVM), has called on the Deputy Minority Leader of Parliament and a leading member of opposition National Democratic Congress (NDC), Hon Isaac Adongo to put a stop to the lies and propaganda he is doing about the Banking Sector and Economy in Ghana.

Hon Isaac Adongo has being a strong critic of the ruling government led by President Akufo-Addo within this year on issues of finance, banking and economy.

Isaac Adongo is the Member OF Parliament for BolgatAnga Central constituency in the ticket of National Democratic Congress (NDC)

In a press statement signed by its Founder and President, Mr. Razak Kojo Opoku on August 20, 2017 and cited by the media asked Hon Isaac Adongo that what prevented the former President of Ghana, His Excellency John Mahama to him to partner Seth Terkper as a deputy minister.

"Hon Isaac Adongo, if you were that good, John Mahama would have employed you to assist Seth Terkper and Ato Forson to save the collapsing economy under your incompetent Government", the group asked.

"Hon Isaac Adongo, respectfully cut the crap and discontinue disturbing our ears with your BSc. level understanding of Banking, Finance and Economics", the group added.

Below is the full statement;

Hon Isaac Adongo is a Liar and Misleader:The Case of ADB an UM---CVM

CVM would like to state categorically that Hon. Isaac Adongo lied to the Public and misled the vulnerable cum Ignorant NDC Communicators about the Board Status of ADB and UMB as well as the Ghc 900million.

President Akufo-Addo's Government has not and will never vandalize the Banking Laws of Ghana to sponsor the campaign promises of the New Patriotic Party.

Setting the records straight, President Akufo-Addo's Government has NOT borrowed Ghc 900million from the Universal Merchant Bank(UMB) and Agricultural Development Bank(ADB) to run the One District One Factory and the Planting for Food and Jobs Programme.

Hon. Isaac Adongo ignorance about Finance and the Economy has been exposed, and CVM will not fault him because since 2008 to 2016, Hon. Isaac Adongo has never work at the Banking and Financial Industry couple with his undergraduate level Degree in Business Administration.

Since Hon. Isaac Adongo doesn't read wide, CVM would like to educate him about the Status of ADB, UMB and the Ghc 900million.

Agricultural Development Bank (ADB)

ADB former Managing Director, Mr. Daniel Asiedu disclosed that the ADB has set up Ghc 450million Fund to support the Planting for Food and Jobs initiative under the Ministry of Food and Agriculture(MoFA) and that is the commitment of ADB to support the Farmers who are registered under the Planting for Food and Jobs Programme. Mr. Daniel Asiedu made this disclosure during the Launch of the Planting for Food and Jobs Programme at Goaso in the Brong-Ahafo Region. Therefore it will be totally childish for anybody to interpret this arrangement of ADB with Farmers as Borrowing by Government.

Mr. Daniel Asiedu was appointed as the Managing Director of ADB on the 1st March, 2016. So it means that, ADB set up the Ghc 450million Fund with full approval by the Board of ADB under the Chairmanship of Nana Soglo Alloh IV.

The only replacement on the Board of ADB currently is Dr. John Kofi Mensah who was appointed as Managing Director of ADB on the 1st August, 2017 replacing Mr. Daniel Asiedu, former Managing Director of ADB.

Both Daniel Asiedu and Dr. John Kofi Mensah were appointed by Board under the Chairmanship of Nana Soglo Alloh IV.

The Board Members of ADB are as follows:

1. Nana Soglo Alloh IV(Board Chairman)

2. Dr. John Kofi Mensah(Executive Director/MD)

3. James K. Agbedor(Board Secretary since 2006)

4. Major Mahama S. Tara(Rtd) as Non-Executive Director

5. Nancy Dakwa Ampofo as Non-Executive Director

6. Maurice Tanko Abisa-Seidu as Non-Executive Director

7. Mrs. Caroline Otoo as Non-Executive Director.

The Shareholding Structure of ADB :

1. Government of Ghana(32.3%)

2. Belstar Capital Limited(24%)

3. Starmount Development Company Limited (11%)

4. SIC Financial Services(10%)

5. Bank of Ghana(9.5%)

6. EDC Investment Limited (6%)

7.Retail Investors & Staff of ADB (7.2%)

Universal Merchant Bank(UMB)

On Thursday, 30th March, 2017, the Board Members of UMB led by Mrs. Elizabeth Zormelo (Board Chairperson of UMB) paid a courtesy call on President Akufo-Addo at the FlagStaff House. The leadership of the Bank indicated to President Akufo-Addo that, UMB has earmarked $100million to support the One District One Factory Programme of the Ministry of Trade and Industry under UMB Public-Private Partnership Incubation Centre.

The Board Members of UMB further explained that, the UMB PPP Incubator Centre is solely for the purpose of supporting the needs of enterprises that seek to partner with the Government on the One District One Factory Programme.

Hahaha, according to the understanding of Hon. Isaac Adongo knowledge of Finance, Banking and Economics, UMB PPP $100million Fund is Borrowing. That is ignorance at the highest order exhibited by Hon. Isaac Adongo.

In case Hon. Isaac Adongo has forgotten so soon, his NDC Government sold Merchant Bank to Fortiz Private Equity Fund Limited in November 2013 and they subsequently change the name to Universal Merchant Bank (UMB).

The Board Members of UMB since March 2017 are as follows:

1.Mrs. Elizabeth Zormelo(Board Chairperson)

2. Mr. John Awuah (Chief Executive Officer)

3. Mr. Benjamin Kwabla Amenumey (Chief Operating Officer)

4. Mr. Kwame Adjei-Adjivonh(Chief Finance Officer)

5. Mr. Mawuli Hedo(Board Member)

6. Ras Boateng (Board Member)

7. Mr. Joseph Tackie(Board Member)

8. Mr. Menson Torkornoo (Board Member)

10. Mr. Ken Tshribi (Board Member)

11. Brenda Semevo Afari (Company Secretary)

That means that, UMB set up their $100million Incubator Centre to support the 1 District 1 Factory Programme with full approval by the Board of the Bank.

The shareholding Structure of UMB:

1. Fortiz Private Equity Fund Limited (95.99%)

2. SSNIT (3.59%)

3. SIC Life Company Limited(0.42%)

CVM would like to ask Hon. Isaac Adongo to tell Ghanaians which amongst the following Banking Laws below that has been Vandalized by NPP Government and which sections of the laws exactly?

Banking Acts of Ghana:

1.Banking(Amendment) Act 2007, Act 738

2. Banking Act 2004, Act 673

3. Bank of Ghana Act 2012, Act 612

4. Banking and Financial Laws of Ghana:1998-2006

5. Banking and Financial Laws of Ghana: 2006-2008

6. Non-Bank Financial Institutions Act 2008, Act 774

7. Ghana Depository Protection Act 2016, Act 931

The Lies, ignorance, misleading attitude and incompetence of Hon. Isaac Adongo are becoming too much in his quest to be popular.

Hon Isaac Adongo, if you were that good, John Mahama would have employed you to assist Seth Terkper and Ato Forson to save the collapsing economy under your incompetent Government.

Hon Isaac Adongo, respectfully cut the crap and discontinue disturbing our ears with your BSc. level understanding of Banking, Finance and Economics.

....Signed....

Razak Kojo Opoku

(CVM Founder & President)