DDEP: Akufo-Addo ignored me as a founding member, he won’t listen to technicians – Pianim

A renowned economist, Kwame Pianim has stated his displeasure with the government’s decision to give banks a haircut shortly after the banking sector clean-up exercise.

According to him, he advised the president against it but his counsel, together with other renowned economists, was ignored.

“I put together Dr Paul Acquah, myself, Ishmael Yamson, Sam Jonah, Ernest Aryitey from Bank of Ghana, Frank Adu, Mawuli Ababio, and Togbe Afede, we sat for four days and crafted a memorandum which I sent to the president, copied the Vice President and the Finance Minister that this is the wrong way to go, we just finished cleaning up the banking sector so it doesn’t make sense to give a haircut to the banks to impair their capital adequacy ratio, some of them made the banks insolvent,” he was quoted by 3news.com.

Pianim further said the Bankers Association should have consulted shareholders before accepting any offer for restructuring.

He also added that the Ghana Bankers Association does not have any mandate to negotiate on behalf of the banks.

“But we were ignored completely, I am one of the founding members of the NPP so if I could not get the ear, how do you expect the technician to get the ear of the president?

“The Bankers Association thought they had the mandate to negotiate, where did they learn their governance from? They are not shareholders of any bank, they should have said this discussion has to go to the shareholders, to the directors of the banks, we need 21 days to summon shareholders to come,” he said.

“I am a shareholder of one of the banks but they didn’t consult me, people are angry with them,” he concluded.

SSD/DAG

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