Statement: Ignore the “Voodoo” politics of the NDC; BoG deserves commendation -Young Liberals Forum (YLF)

We have observed with much contempt the unguided attempt by Hon. Isaac Adongo, Hon. Ato Forson and Hon. Alhassan Suhuyini (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 Bank 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!


Keskine Owusu Poku (0243043915)

Essel-Mills Michael

Bright Oppon-Nyarko

Boadi Soadwa

Kabore Moro

Yaw Opoku Mensah (Bishop)