Nana Addo and Bawumia spent GH¢23 billion to collapse banks – Isaac Adongo

The Member of Parliament for Bolgatanga Central, Isaac Adongo, has alleged that President Nana Addo Dankwa Akufo-Addo and Vice President Dr. Mahamudu Bawumia spent GH¢23 billion to collapse banks and microfinance institutions in the country.

Isaac Adongo

His reactions come at the back of Dr. Bawumia taking swipe at Mahama who recently described as chaotic and national security threatening the Bank of Ghana collapsing 20,000 direct jobs in the country.

Bawumia said Ghana's banking sector was strengthened, liquid and recapitalized under former President John Agyekum Kufuor but he [Mahama] collapsed the banks for the lack of supervision which led to the licensing of institutions with fake capital, poor corporate governance, and impunity as shareholders plundered the deposits of poor depositors.

However, the NDC MP said it was wrong for Bawumia to blame Mahama for the circumstances that led to the recent collapse of some local banks.

Speaking at a press conference on Tuesday, 3 September 2019, Adongo said: "Ghanaians are struggling to come to terms as to how the badly planned and poor implementation of a minimum capital regime, has virtually destroyed Ghana's financial sector."


"There are unanswered questions with regard to how we spent GH¢23 billion of taxpayers' money just to collapse financial institutions, create massive unemployment and turn entrepreneurs into idle hands.

"Why would the government be ready to borrow GH¢14 billion to close down banks and a further GH¢7 billion to close down savings and loans companies as well as GH¢2 billion to shut down microfinance companies but was not ready to use a fraction of this amount to pay government’s debts to contractors, which largely accounted for the slide into insolvency of several cases of the collapsed banks?

"The Ghanaian taxpayer would have been spared the high cost of this chaotic reform with Bank of Ghana if the Bank of Ghana had listened and followed the reform programme initiated by the NDC," Adongo stated.


"Unfortunately, instead of answers, the Vice-President has adopted to his infamous deceptive traits of looking elsewhere to blame for [his] and the president’s incompetent handling of what has become a full-blown crisis.

"His attempt to blame the flag bearer of the National Democratic Congress (NDC) for the collapse of the banks is laughable," he noted.

Adongo explained that "It was this same Dr Bawmuia who inaugurated Construction Bank (One of the collapsed banks) in 2017 after the bank was issued with the final licence by the current Governor Dr Ernest Adison."

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