Bank of Ghana now waking up to its responsibilities – Dr. Tony Aidoo

Bank of Ghana seems to be up to task with its responsibilities following the consolidation of some five distressed banks in the country, a leading member of the National Democratic Congress (NDC), Dr. Tony Aidoo has  observed.

He was also impressed with measures taken by the central bank to rid the banking sector off illegalities.

Speaking on 3FM’s Sunrise morning show on Thursday, August 9, Dr. Aidoo said the Bank of Ghana took the right decision by consolidating those banks and did not wait for peoples deposits to waste away.

“I am glad the Bank of Ghana is waking up to its responsibilities, I have no problem with the bank responding effectively to its mandate; the bank should not wait for people’s deposits to fritter into thin air.” he stated.

Read: How BoG’s weak supervision resulted in Capital, UT Banks’ collapse

Governor of the Bank of Ghana, Dr. Ernest Addison announced the takeover of the five banks on August 1, 2018, adding that these banks have liquidity issues among other things.

According to Dr.Tony Aidoo, the situation of banks that do not have the means to operate as a bank, and yet pay their managers and directors huge sums of monies is another form of cheating the public.

“This issues can be traced far back as 1994, when I first alerted Dr. Kwesi Botchwey the then Finance Minister and Agama as the Governor that what is going on…is scandalous.”

“The very idea that you put your money and within 3 months you get 30% interest should wake up the conscience of the investors that what are they going to do with my money that they can afford to give me 30% when in normal banking the investor will gain at most 10% interest,” he recounted.

Read: Don’t sleep on your supervisory role – GNCCI to BoG

He went on to say that the Bank of Ghana should investigate how these banks operated to the verge of bankruptcy as well as how the banks got their licenses with false information.

He said that cases such as these should attract the special prosecutor, since his duties include getting rid of corruption.

“There is a breach of the law, and the Special Prosecutor must be involved in this issue,” Tony Aidoo asserted.

He also observed that the greed of some is what has led to exploitation from some of the banks.

He called on government not to let operators of the banks go scot-free.

Source: 3news.com