Ignore the “vudu” politics of the NDC; BoG deserves commendation – YOUNG LIBERALS FORUM

A group calling its self the YOUNG LIBERALS FORUM (Y.L.F.) has lashed out at the opposition NDC for its attempts to link the collapsed five indigenous banks to the Nana Addo lead NPP administration.

The group in a release have chastised comments made by, some leading members of the NDC to the fact that, the collapse of the local bank is a witch hunt by the NPP administration.

The Young Liberals Forum is urging the NDC to rather commend efforts by the BoG in sanitizing the banking industry, through measures to safeguard depositor’s funds and investment, through the newly created Consolidated Bank.

Just last week the Bank of Ghana announced it has taken over the management of some banks in the country because they had failed to meet the minimum capital requirement.

The affected banks were Royal Bank, Beige Bank, Sovereign Bank, The construction Bank and Unibank.

The banks were put under a new name Consolidate Bank. Government has committed 450 million cedis to support this banks.

Announcing the move, the governor of the Central Bank Ernest Addison noted: “Beige, Sovereign and Construction Banks obtained their licenses under false pretenses using fictitious and nonexistent capital”.

The development comes as the Construction Bank voluntarily folded up its Ghana operations on Tuesday July 31,2018.

The Central Bank increased the minimum capital requirement for banks from GH¢120 to GH¢400 million to improve stability in the banking industry whilst growing the industry.

However commenting on some commentary within the media space after the collapse of the banks, the Young Liberal Forum in a press release note,  ‘‘We are not particularly happy with the unguided commendatory by Hon. Isaac Adongo, Hon. Ato Forson and Hon. Alhassan Suhyini and some NDC functionaries to politicize the much applauded decision by the BoG to consolidate 5 distressed.Their actions, we believe, are irresponsible, unwarranted and highly unnecessary.’’

‘‘The NDC must commend the BoG for sanitizing the banking industry. The current leadership of BoG, headed by Dr. Ernest Addison, is the most vibrant and effective we’ve had in Ghana in the last decade. ’’

The Young Liberals Forum argue , the NDC could have averted a similar situation in 2012 – 2015 when some micro finance companies run aground with people losing their funds and investment.

‘‘ If similar proactive measures were taken from 2012 to 2015, many Ghanaians wouldn’t have been short-changed in the DKM, God is love, Juster, etc. scams that rocked the nation in 2015 under the watch of the NDC and Former President John Dramani Mahama. ’’ The release said.

Below the detail of the press release .

YOUNG LIBERALS FORUM (Y.L.F.)

Ignore the “vudu” politics of the NDC; BoG deserves commendation

We have observed with much contempt the unguided attempt by Hon. Isaac Adongo, Hon. Ato Forson and Hon. Alhassan Suhyini (all in the Minority in Parliament) and some NDC functionaries to politicize the much applauded decision by the BoG to consolidate 5 distressed banks – UniBank, Beige Bank, Royal bank, the Construction Banks and the Sovereign Bank – into the Consolidated Bank.Their actions, we believe, are irresponsible, unwarranted and highly unnecessary.

On the contrary, BoG musts be commended for sanitizing the banking industry. The current leadership of BoG, headed by Dr. Ernest Addison, is the most vibrant and effective we’ve had in Ghana in the last decade.

If similar proactive measures were taken from 2012 to 2015, many Ghanaians wouldn’t have been shortchanged in the DKM, God is love, Juster, etc. scams that rocked the nation in 2015 under the watch of the NDC and Former President John Dramani Mahama.

BoG has given many reasons for the eminent consolidation of the 5 distressed banks. However, 4 reasons are key:

1) Protecting depositors funds / investments.

2) Preventing the probable collapse of these banks.

3) Helping to keep most of the employees of these bank employed.

4) Boosting confidence in the local indigenous banks by stepping in to mop up the mess.

It therefore comes as a surprise that some NDC MPs who are expected to know better are leading the charge to misinform their cherished and unsuspecting followers.

Notwithstanding the cacophony and the attempt by some NDC members to trivialize this important decision, we urge BoG to start processes that will bring any person whose negligence/connivance led to the wrongful issuance of operating licenses to the 3 banks in 2016 to book. Again, BoG should engage EOCO as well as FIC to investigate the illegal investment of depositors cash in real estate by some Officers of UniBank.

We further urge BoG to put in place more proactive measures that will protect the deposits and investments of the good people of Ghana.

Lastly, we want to remind Hon. Isaac Adongo, Hon. Ato Forson, Hon. Alhassan Suhuyini, and their likes that bearing the title “Honorable” comes with a duty to be responsible and diligent in your comments. Being in Parliament doesn’t make you the smartest person. It is only a privilege. That must keep you humbled. Most importantly, it must make you a measured and cool headed person.

For us (Ghana) to have a strong and resilient banking sector with the muscle to support businesses at lower interest rates, it is imperative that we support BoG to sanitize our banking sector. It cannot be politics as usual.

Long live the Banking Sector!
Long live BoG!
Long live Ghana!

…Signed…

Sirh Bright Oppon-Nyarko
(0207667291)

Keskine Owusu Poku
(0243043915)

Essel-Mills Michael
(0266111126)

Boadi Soadwa
(0549444616)

Kabore Moro
(0266310315)

Yaw Opoku Mensah (Bishop)
(0242267214)