Don’t attempt using Amalgamated Trust to takeover local banks – Minority to government

The Minority in Parliament has warned the Finance Minister, Ken Ofori-Atta and the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison against using the Ghana Amalgamated Trust Fund to takeover some indigenous banks as a result of the ongoing economic crisis.

Some local banks have posted huge losses as a result of the domestic debt exchange program occasioned by Ghana’s $3 billion IMF bailout.

According to the Minority, the government is using the Amalgamated Trust which offers financial support to banks to take over some local banks.

Addressing the media in Parliament, the Minority spokesperson on Finance, Isaac Adongo warned any such deals will be thoroughly investigated and those involved punished by a future NDC administration.

“I am aware that the Ghana Amalgamated Trust is being used to bully shareholders of Ghanaian banks. In order that they can place private funds at the Ghana Amalgamated Trust and take over those banks

“I want to warn Addison to take a particular interest to protect the Ghanaian investors in the Ghanaian banking industry. And that any amount of machinations that lead to Ghana Amalgamated Trust taking over Ghanaians owned banks and giving it to their cronies will be reviewed and investigated,” the Bolgatanga Central MP warned.

The warning by the Minority comes ahead of the presentation of the mid-year budget review by the Minister for Finance this week.