Business News Mon, 20 Aug 2018

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Akufo-Addo, Finance Minister, fronting for a prestigious foreign bank - Former NDC MP

Murtala Mohammed Ibrahim, a former NDC MP for Nanton Constituency has accused President Akufo-Addo and the Finance Minister, Ken Ofori-Atta of orchestrating the collapse of five (5) indigenous banks to pave way for an international financial institution to operate in the country.

According to him, the collapse of the 5 banks is a ploy to bring in a highly prestigious and a leading global financial services firm and one of the largest banking institutions in the United States.

The banking sector has been faced with the collapse of some indigenous banks in the country.

The resultant bank is called Consolidated Bank Ghana Limited.

The Bank of Ghana, a couple of weeks ago, declared five banks —Unibank, Sovereign Bank, The Construction Bank, BEIGE Bank and The Royal Bank— insolvent and revoked their licences then merged them into what it has been christened the Consolidated Bank Ghana Limited.

The news comes barely a year after it revoked the licences of the UT and other banks which were also indigenously owned.

The BoG said some of those banks were significantly undercapitalised and beyond rehabilitation, while others supposedly obtained their licences under false pretences.

Murtala, a former Deputy Trades and Industry Minister in the erstwhile Mahama-led NDC government, who was speaking on the banking crises in the country during a panel discussion on Radio Gold's Alhaji and Alhaji, Saturday, said the collapse of these numerous banks is just "a ploy by the BoG governor (Dr. Addison), finance minister and the President to bring in an American bank called Morgan JP & Chase (JPMorgan Chase & Co)".

Source: peacefmonline.com

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