PAUL ADOM OTCHERE HIGHLIGHTS TRUE REASONS WHY GOVERNMENT COLLAPSED BANKS IN GHANA

Before Nana Akufo-Addo became President, many Ghanaians, numerous political commentators and even some of his close friends were worried about the kind of leadership Ghanaians should expect Akufo-Addo to display. Some thought he could be a populist leader but not necessarily the type of leader that a peaceful country like Ghana required.

In fact, some close pals of Akufo-Addo stressed their misgiving on his peculiar character flaws such as his general level of mistrust of others, intolerance, temperament and vindictive tendencies which for them were issues of serious concern.

In 2017-2018 when Ken Ofori-Atta, Finance Minister painted a dire picture of the state of affairs in the banking industry in an attempt to convince Ghanaians that there was a serious problem with some Banks which he described to be in a state of crisis, some industry watchers, analysts and finance gurus on the other hand thought otherwise and were sceptical and believed the situation was not as dire as presented by the Finance Minister.

Subsequent developments and information gleaned affirmed the overwhelming suspicion of a section of the Ghanaian populace who believed that whilst there were some underlying issues and challenges within the banking and non-bank financial sectors, the action taken by Government to collapse 9 indigenous owned Banks, 23 Savings & Loans companies, 347 Microfinance companies and 29 Microcredit companies was a targeted, well-orchestrated hatchet plan born out of vindictiveness and hatred to destroy Ghanaian owned businesses especially those perceived to be owned by political opponents of NPP.

The fallout of this wicked undertaking to collapse financial institutions is that numerous workers (employees) of those Banks and Non-Bank Financial Institutions are now unemployed. Customers have almost lost their lifetime savings, deposits and investments. Business owners have lost their equity capital investment. Customers and some workers have died due to the shock of their financial losses. People’s livelihood and marriages have suffered.

In all this, the NPP Government continues to deny what analysts have long adduced as the true reasons and motivation for collapsing the banks and rather shamelessly continues to justify their misguided actions.

However, as the saying goes “Out of the abundance of the Heart the mouth speaketh”, Paul Adom Otchere who is a Senior Journalist and known card bearing member of the NPP and NPP activist, and also close pal to some of those who orchestrated and supervised the dastardly act of collapsing the banks, revealed the actual reasons for Government’s action on his “Good Evening Ghana” programme on Metro TV.

According to Paul Adom Otchere, if he was to describe the action of government with one word, he will say that the action was “EVIL”. Again, Paul revealed that “the action was not motivated by Law, it was motivated more by a personal desire to see your fellow Ghanaian fail”. Furthermore, Paul stressed that “Personal hatred for fellow man or woman” is the likely explanation for Government’s behaviour.

I personally agree entirely with what Paul Adom Otchere espoused, because if not for wickedness and hatred for a fellow man or woman, why do you undertake a mass collapse of Banks and Non-Bank financial institutions when you could have chosen to prosecute key actors and offenders identified to have committed egregious infractions and unlawful acts? You could also use lawful means to pursue those who failed to settle their loans contracted from distressed banks? After collapsing the Banks and promising to refund and pay all depositors monies, you then fail to pay all innocent Customers as promised and as a result of which some have died, some have lost their businesses, some have their families displaced and some are permanently ill. 

After promising to refund and pay depositors all their monies within 18 months Government keeps changing the dates for payment. It’s now 3 years down the line and many customers of the collapsed banks and financial institutions are still waiting to be paid.

What is even worse for customers of the now defunct Banks and Non-Bank Financial Institutions is the decision by Government to pay a portion of customer’s deposits in the form of Bonds at zero interest rate spread for a period of 5 years. Otherwise for customers who cannot wait for 5 years and want immediate access to their deposits and investments, it will be discounted by 50% and the remaining 50% forfeited. Is this not a wicked proposition? Did customers force Government to collapse the Banks in the first place?

My question is; if this is not EVIL, what else can be used to describe EVIL?

The EVIL that men do………..

From: A Curious Ghanaian Citizen

Kwaku Boateng