• Latest
  • Trending
Government is using the banking sector reforms to deliberately victimized businesses owned perceived NDC gurus – Minority

Government is using the banking sector reforms to deliberately victimized businesses owned perceived NDC gurus – Minority

January 9, 2019
Old Vandals Jamboree postponed to 4th of July, 2025.

Old Vandals Jamboree postponed to 4th of July, 2025.

June 27, 2025
ECG will collapse if we don’t adjust the tariffs to pay debt- Majority Leader

ECG will collapse if we don’t adjust the tariffs to pay debt- Majority Leader

June 27, 2025
Ahiafor launches Parliamentary Friendship Association of ninth parliament

Ahiafor launches Parliamentary Friendship Association of ninth parliament

June 27, 2025
KNMP commends the Government of Ghana for restoring Founder's Day

KNMP commends the Government of Ghana for restoring Founder’s Day

June 27, 2025
Vice President Calls for Urgent Investment in Drug Abuse Prevention

Vice President calls for urgent investment in drug abuse prevention

June 27, 2025
Manhyia MP Slams Asiedu Nketia Over EC Attacks

Manhyia MP slams Asiedu Nketia over EC attacks

June 27, 2025
Break Barriers, Build Tourism’: Ghana Urges ECOWAS to Act on Free Movement

Break Barriers, Build Tourism’: Ghana Urges ECOWAS to Act on Free Movement

June 27, 2025
Bank of Ghana cracks down on unlicensed money transfer services

Bank of Ghana cracks down on unlicensed money transfer services

June 27, 2025
Ghana Steps Up as West Africa's Tourism Leader

Ghana steps up as West Africa’s Tourism Leader

June 27, 2025
Professor Kobby Mensah Urges Youth-Centered Innovation in Ghana’s Tourism Sector

Professor Kobby Mensah Urges Youth-Centered Innovation in Ghana’s Tourism Sector

June 27, 2025
367 drug-induced mental illness patients admitted to facilities in 2024 - Bono Regional Mental Health Coordinator

367 drug-induced mental illness patients admitted to facilities in 2024 – Bono Regional Mental Health Coordinator

June 27, 2025
ECG attributes power outage to June 26 rainstorm

ECG attributes power outage to June 26 rainstorm

June 27, 2025
Happy Ghana
No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
No Result
View All Result
Happy Ghana
No Result
View All Result
Home Sports

Government is using the banking sector reforms to deliberately victimized businesses owned perceived NDC gurus – Minority

in Sports
Government is using the banking sector reforms to deliberately victimized businesses owned perceived NDC gurus – Minority
Share on FacebookShare on TwitterShare on Whatsapp

 

The Minority in Parliament has accused the Nana Addo led government of using the banking sector reforms to deliberately victimized businesses owned by people supposed to have ties with the opposition National Democratic Congress (NDC).

“The most recent development is the revocation of the license of Heritage Bank Ghana on the grounds that its majority shareholder, Mr Seidu Agongo, failed the fit and proper person” test, and thus, was “unsuitable” to own or run a bank in Ghana.

Dr Ernest Addison, Governor of Bank of Ghana on Friday, 4 January 2019 at a press conference said Heritage Bank’s capital appears to have come from sources which are suspicious.

“The Governor stated categorically that the funds used to acquire Heritage Bank’s license were derived from contracts awarded to Mr. Agongo by COCOBOD which are currently the basis of criminal prosecution in the High Court of Ghana. For this reason, Mr. Agongo is not fit and proper to own a bank in Ghana. Recall that the case also involves Dr Opuni, former CEO of COCOBOD. Mr. Governor, when did it become a crime to use earnings from one type of business to engage in another?

” We find this very disappointing and unfair. It is rather unfortunate that a whole Central Bank Governor will act in such a prejudicial and unjust manner based on presumptions that are not considered “prima facie”. Although the matter is still in the high court and pending final adjudication, the Governor has pronounced Mr. Agongo guilty and, on this basis, decided with his management and Board to deprive him of his hard-earned investment,” the Minority said in a statement.

The statement further noted “What has happened to the so-called adherents to the rule of law? What has become of the time-honored principle of “innocent until proven guilty”?

“Is the Governor a “surrogate” for judicial action against opponent? Is it a coincidence that other surrogates are being used to call on the Special Prosecutor to victimize members of the Opposition? We find this very worrisome because it has become clear that capricious abuse of power for the victimization of political opponents has become the order of the day under the current government.

“This position taken by the governor has blown the lid on the unfair targeting of investors such as Dr Kwabena Duffour because of their affiliation with the NDC.

” It is gradually becoming evident that the just-ended banking sector clean-up has an inherent political motivation. Ghanaians will recall how the indebtedness of Government of Ghana to UniBank due to the failure of the NPP government to pay claims owed the Bank, resulted in the collapse of UniBank and several jobs were lost”.

Banks in Ghana have been reduced from 33 to 23 after the “clean up” exercise conducted by the Central bank.

Below are details of the statement by Minority

Minority Statement On Political Motivation Behind Banking Reforms: Government Should Clear the Air

The Minority in Parliament has noted with grave concern, draconian actions taken against some indigenous banks by the Bank of Ghana under a purported Bannking-sector clean-up and wish to state the following.

  1. There has always been suspicion that the NPP Government led by Nana Akufo Addo is hard on businesses owned by people who are perceived to be sympathizers of the former NDC Administration. The NPP Government must be reminded that these businessmen or women are first Ghanaians and their businesses employ the citizens of our great nation.
  2. Therefore, it is important to spare them the disastrous polarization and victimization that is engulfing our politics.
  3. The most recent development is the revocation of the license of Heritage Bank Ghana on the grounds that its majority shareholder, Mr Seidu Agongo, failed the “fit and proper person” test, and thus, was “unsuitable” to own or run a bank in Ghana. Dr Ernest Addison, Governor of Bank of Ghana on Friday, 4 January 2019 at a press conference said Heritage Bank’s capital appears to have come from sources which are suspicious.
  4. The Governor stated categorically that the funds used to acquire Heritage Bank’s license were derived from contracts awarded to Mr. Agongo by COCOBOD which are currently the basis of criminal prosecution in the High Court of Ghana. For this reason, Mr. Agongo is not fit and proper to own a bank in Ghana. Recall that the case also involves Dr Opuni, former CEO of COCOBOD. Mr. Governor, when did it become a crime to use earnings from one type of business to engage in another?
  5. We find this very disappointing and unfair. It is rather unfortunate that a whole Central Bank Governor will act in such a prejudicial and unjust manner based on presumptions that are not considered “prima facie”. Although the matter is still in the high court and pending final adjudication, the Governor has pronounced Mr. Agongo guilty and, on this basis, decided with his management and Board to deprive him of his hard-earned investment.
  6. What has happened to the so-called adherents to the rule of law? What has become of the time-honored principle of “innocent until proven guilty”?
  7. Is the Governor a “surrogate” for judicial action against opponent? Is it a coincidence that other surrogates are being used to call on the Special Prosecutor to victimize members of the Opposition? We find this very worrisome because it has become clear that capricious abuse of power for the victimization of political opponents has become the order of the day under the current government.
  8. This position taken by the governor has blown the lid on the unfair targeting of investors such as Dr Kwabena Duffour because of their affiliation with the NDC.
  9. It is gradually becoming evident that the just-ended banking sector clean-up has an inherent political motivation. Ghanaians will recall how the indebtedness of Government of Ghana to UniBank due to the failure of the NPP government to pay claims owed the Bank, resulted in the collapse of UniBank and several jobs were lost.
  10. We compare this ongoing harsh treatment with the shielding of other investors who are known sympathizers of the NPP and demand answers to the following questions.
  11. a) What circumstances led to the capitalization of Prudential Bank and universal Merchant Bank under the current Ghana Amalgamated Trust (GAT)?
    b) Why was Dr Paa Kwesi Nduom’s GN Bank not recapitalized despite the huge sums of money GN Bank is owed by Government?
    c) Why didn’t GN Bank benefit from the GAT but was rather downgraded to a savings and loan Company?
  12. We have taken note of all the political undertones employed in resolving the problems with some of the banks. We are also very much aware of the arbitrary selection of banks by the Governor of the Bank of Ghana and the Minister responsible for Finance who benefited from the Ghana Amalgamated Trust (GAT) to recapitalize.
  13. The good people of this country deserve to know the criteria that qualified them to be selected for support from Ghana Amalgamated Trust (GAT). We are reminding the Minister that the use of pension funds due employees is use of public funds.
  14. The Minority is requesting the Ministry of Finance and the Bank of Ghana to publish the guidelines if there is one available for public knowledge.
  15. We call on the Government to stop the victimization, as implied by the Governor. We must state emphatically that we are not against the sanitization of the financial sector but will resist any form of political oppression and victimization in any form. We will not allow the Akufo-Addo government to create a partisan business environment for our patriotic citizens.
  16. Our business men and women deserve better because their businesses employ Ghanaians irrespective of their political affiliations.
  17. We also demand assurances from the Chief Justice that courts will not be used to rubber-stamp this form of victimization.
  18. Long live Ghana our motherland.

Signed
Cassiel Ato Forson
Ranking Member, Finance Committee
8th January 2019

By: Joseph Nii Ankrah

 

 

Subscribe to receive notification everytime a new post is published. We promise to be discrete.

Unsubscribe
Previous Post

AG to soon chase corrupt officials – Buabeng Asamoah

Next Post

VIDEO: Stonebwoy attacks Shatta Wale, claims his show off is ‘Wayo’

Next Post
Shatta Wale’s 6M vs Stonebwoy’s 4M streams – Here’s how both artistes performed on Spotify in 2018

VIDEO: Stonebwoy attacks Shatta Wale, claims his show off is 'Wayo'

Search

No Result
View All Result

Listen Live

BBC Match of the Day Africa

Happy Ghana

Recent News

  • Old Vandals Jamboree postponed to 4th of July, 2025.
  • ECG will collapse if we don’t adjust the tariffs to pay debt- Majority Leader
  • Ahiafor launches Parliamentary Friendship Association of ninth parliament
  • About
  • advertise
  • Privacy Policy
  • Contact Us

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.

No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.