Business

Opinion: Banking sector cleanup meant more than just a cleanup

President Akufo-Addo was sworn into office on January 7, 2017. Later developments and current mishappening since he took office have somewhat taken the wind out of the spirit contained in the oath of office he took at the Black Star Square on the day, and blighted the text of his flowery inaugural speech.

Also, these unfolding details have taken the shine out of the campaign promises, made hollow by reports suggesting that the banking sector clean up was planned to target certain businessmen.
it makes easy understanding that nothing occurs in vacuum.

The said report is phased into three distinct parts. Part I is dedicated to a scheme with the sub-heading, “Gaining Grounds in Government/Sustaining Our Control of the NPP”.

It is in this particular part, that significant statements are made in relation to particular individuals conceived as threat or perceived as rivals, capable of curtailing the agenda by certain financial Empire, hence the quest to quash their business growth and financial rise.

Names of such perceived rivals allegedly mentioned in the document include Chief Kuffour (son of President John Agyekum Kuffour), Ibrahim Mahama (brother of President John Dramani Mahama), Dr Kwabena Duffour (owner of UniBank, a universal bank and Star Assurance Company, an insurance brokerage/underwriter all of the EIB Group) and Dr Paa Kwesi Ndoum of GN Group.

The above provides fertile grounds of reasons for suspicion of a purposed predatory political decisions by the government of President Akufo-Addo to attack these mentioned individuals and their businesses, which hitherto operated smoothly, including businesses owned by Finance minister Ken Ofori-Attah .
A typical example is the attack on UniBank and the person of Dr Kwabena Duffour, who was dragged to court, although he wasn’t actively involved in the management of his businesses, especially UniBank.

The woes of UniBank steeped the day it made a public statement of the takeover of Agriculture Development Bank. This move was fiercely resisted, especially by the Board Chairman of ADB, Alex Bernasko. In his press statement, Alex Bernasko claimed Belstar Capital Ltd, EDC Ltd and Starmount Investment Ltd only pledged shares, which didn’t have any effect of transfer of ownership.

Written by: Comrade Shmuel Ja’Mba Abm

Source: ClassFMonline.com

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