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    A Great Asset For Ghana Football: Ghanatoday.net

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    Breaking News: Sellas Tetteh resigns as head coach of Sierra Leone – Ghana Latest Football News, Live Scores, Results: Ghanatoday.net

    Two cases of coronavirus confirmed in Ghana: Ghanatoday.net

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    Russian doctors say they found no indication opposition politician Alexei Navalny was poisoned – KTIV

    Murder charge after deadly drug raid ‘political’

    Employers must give parents ‘flextime’ to supervise kids’ online classes

    Employers must give parents ‘flextime’ to supervise kids’ online classes

    3 Ways Corporate Compliance Professionals Can Address Political Extremism | NAVEX Global

    3 Ways Corporate Compliance Professionals Can Address Political Extremism | NAVEX Global

    Flashback: Politicians now deceive, lie for power

    Ghana wouldn’t be where it is today without Rawlings’ vision

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    Pulse Picks: Top 10 entertainment stories that defined 2020 [ARTICLE]

    Pulse Picks: Top 10 entertainment stories that defined 2020 [ARTICLE]

    From Manny Pacquiao to Shirley Temple: Seven celebrities who swapped the entertainment industry for politics

    From Manny Pacquiao to Shirley Temple: Seven celebrities who swapped the entertainment industry for politics

    At CES 2020 Panasonic Demonstrates the Future

    At CES 2020 Panasonic Demonstrates the Future

    Christabel Ekeh pictures, biography, boyfriend ▷ YEN.COM.GH

    Christabel Ekeh pictures, biography, boyfriend ▷ YEN.COM.GH

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    Teen Lead: the foundation changing lives of young people in Ghana’s Western Region

    Teen Lead: the foundation changing lives of young people in Ghana’s Western Region

    Anthropometric indices, blood pressure, and lipid profile status among women using progestin-only contraceptives: comparative cross-sectional study | BMC Women’s Health

    Anthropometric indices, blood pressure, and lipid profile status among women using progestin-only contraceptives: comparative cross-sectional study | BMC Women’s Health

    Ghana is listed! – Graphic Online

    Ghana is listed! – Graphic Online

    4 Skin-Care Trends That Are Going To Be Everywhere In 2021

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    More than 10 countries in Africa report COVID-19 cases

    The Dance: the South Africans who finish high school against all odds | Global development

    Facebook, Twitter suspend Russia-linked operation targeting African Americans on social media – News – MetroWest Daily News, Framingham, MA

    Facebook, Twitter suspend Russia-linked operation targeting African Americans on social media – News – MetroWest Daily News, Framingham, MA

    The fight for west Africa’s fish

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    Fitch, Moody’s project strong growth for Ghana but World Bank thinks otherwise-Ghanatoday.net

    Fitch, Moody’s project strong growth for Ghana but World Bank thinks otherwise-Ghanatoday.net

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    Tadhana Madhana Baje Ghana Ghana || Humane Sagar || New Dance Number Song || Rst || Biraja Prasad-ghanatoday.net

    Tadhana Madhana Baje Ghana Ghana || Humane Sagar || New Dance Number Song || Rst || Biraja Prasad-ghanatoday.net

    Akufo-Addo connived with Great Cape to 'hoodwink' Ghana – Boamah-ghanatoday.net

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Bank, Menzgold crises: We’re making it difficult for NPP to win 2020 – Kwame Pianim: Ghanatoday.net

Bank, Menzgold crises: We’re making it difficult for NPP to win 2020 – Kwame Pianim: Ghanatoday.net

January 23, 2020
in News


Economist Kwame Pianim has said the banking and financial crises that have caused customers to either lose some or all of their deposits and investments as a result of the Bank of Ghana’s revocation of the licences of nine local banks, 347 microfinance firms, 23 savings & loans and some finance houses, as well as the Securities and Exchange Commission’s halting of gold dealership firm Menzgold Company’s operations and the revocation of the licences of 53 fund managers will conspire against the fortunes of the governing New Patriotic Party (NPP) in the December 2020 polls.

“There were some difficulties in the banks; who caused the problems? The Banking Supervision of the Bank of Ghana, which was complicit and then some individuals who the Bank of Ghana said were fit and proper people to be shareholders in the banks who decided to use their banking licence to steal people’s deposits to finance themselves. What have we done to them? They are on trial? How long has it taken us?” the NPP stalwart asked in an interview on Monday, 20 January 2020.

The government, he said, has “spent a lot of taxpayers’ monies in order to pay for some of these difficulties”, adding: “We’ve been there before”.

“When there were difficulties with the banks”, he explained: “We formed a Non-Performing Assets Recovery Trust”.

“I have friends, decent people who have worked 70 years of their lives for this country, their pensions were put on deposit with some of these so-called distressed banks; they are now being asked to go to the receivers – you have one million, two million cedis that you were using the interest to finance yourself – they say go and collect GHS20,000, GHS10,000. They [customers] have done nothing wrong. My suggestion was that: ‘Pay them’. Let the Bank of Ghana – even if it has to print money – because this is not inflationary, it’s earned money; my earned money in the bank. So, you give me the deposit and the new bank is there, I can take it.

“But we are making it difficult for the NPP to win this election by stealing money from decent citizens – because that’s what you’re doing – you’re stealing money from them.

“So, if we set up a Distressed Banks Assets Recovery Trust, then the Ghanaians would know that the monies we are paying to them, we are going to sell the assets of these people who stole their fixed deposits to repay and deduct from the taxpayer”, he told Accra-based Citi FM’s Umaru Sanda Amadu in an interview.

With the Menzgold matter, he said: “The man says he has assets in Dubai, if we set up a Menzgold Asset Recovery Trust, they’ll get hold of him, monies in Dubai, wherever he has them, retrieve them and pay these people. Why are we allowing Ghanaians to suffer?”

In his view, the prosecution, in an election year, of some of the founders of the nine banks that collapsed, would be viewed through political licences.

“… This is a year of politics, people will say it’s political”.

graphic.com.gh

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