Gov’t Insiders Raise Red Flags Over “Vindictive” Local Bank Closures

The host of Metro TV’s flagship current affairs programme, Good Evening Ghana, Paul Adom Otchere and the Editor-in-Chief of the New Crusading Guide newspaper, Abdul-Malik Kweku Baako Jnr have described as envious and vindictive the questionable manner to which some seven local banks were shut down by the Akufo Addo administration and the Bank of Ghana.

The two often seen as unofficial spokespersons for the governing New Patriotic Party (NPP) were full of harsh criticisms mostly aimed at the government and its assigns for the collapse of these indigenous banks.

 “It is motivated by jealousy. It is motivated by hatred. It is not motivated by law. No. It is motivated by a personal desire to see another Ghanaian who is succeeding fail and we have to change that in this country” Adom-Otchere passionately stated on his live TV show, Good Evening Ghana.

Mr. Adom-Otchere is close to President Akufo Addo and was appointed as Board member of the National Communication Authority (NCA).

For his part, Kwaku Baako stated: “I felt for the three banks: Nduom’s bank [GN Bank], Heritage Bank that belongs to that young man, Seidu Agongo (because of his extension into radio we met a couple of times in 2014 and 2015) and Dr Duffuor’s bank [uniBank]”, he said on Accra-based Peace FM

“I will tell [you] honestly…the action taken against the banks was not right.”

Mr. Baako is also a close friend of President Akufo Addo and he has not hidden the fact that his political views are more sympathetic to the governing New Patriotic Party (NPP) even though he is a known member of the Conventional Peoples’ Party (CPP).

The Danquah Institute, a pro-government think tank and the Finance Minister Ken Ofori-Atta have been directly fingered for inspiring the revocation of the licenses of these local banks.

Since 2017, some 16 universal banks, 347 Microfinance Companies, 23 Savings and Loan companies and 53 Fund Managers have been closed down by the Akufo Addo administration.

They were reportedly operating high-risk businesses that had liquidity issues.


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