The Finance Minister, Ken Ofori-Atta, has revealed that, he was shocked when he reconciled the huge sums in potential bailout money for the 5 collapsed banks and the enormous debt overhang.
According to the Finance Minister, gross indiscipline by the powerful has risked and hurt those with very little to survive on.
Mr. Ken Ofori-Atta was speaking at the Danquah Institute Forum in collaboration with Citi FM on the theme, ‘The Banking Clean Up, Are Depositors Safe?’
The merging of the 5 banks, he noted, was not born-out of politics, but about human decency and to prevent millions of Ghanaians from losing their savings.
Ken Ofori-Atta explained that, when he started thinking about the little numbers that made up those colossal amounts of money involved and the millions of individuals who have had to, and continue to, struggle to make ends meet, the only option was to merge the Banks.
‘But just like that, in one fell swoop, many of them risked losing everything they had saved,’ he said.
‘Those numbers in front of me unpacked manifold narratives. It spoke of our current moral standards as a country. It spoke of our understanding or misunderstanding of goodwill. It spoke of our ability or inability to question what is just or unjust. It spoke of our appreciation of or lack of ethics.’
The Finance Minister assured the nation that, though the country’s banking sector is in difficult times, there is no cause to panic.
He called for support and prayers, adding that, this is not about witch-hunting.
‘The law will take its due course, but our interest is to protect depositors, and the most important pillar of our economy: the financial industry’, Ken Ofori-Atta posit.
Source: New Crusading Guide
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when you choose capitalism without enforcing the guiding policy structures put in place, the greed of man to make enormous profit at the expense of morals will cause man to hurt his fellow man, all in the name of 'we are a successful company". God have mercy on us. But all along, the minister has not told the Ghanaian taxpayer how he is going to recoup the taxpayer bail money from these bank owner.
When you are running a bank, you put in place qualified people, best practices, compliance and ensure accountability to shareholders account. In the case of Ghana, it appears nepotism and friendship dominated staffing. There was no oversight, compliance to banking rules and sheer neglect of shareholders trust and rights. With this poor attitude and corruption, no amount of bailout can bring the banking sector back in the private sector. When you have people like these latter day pastors who dwell in sheep skin and act like holier than thou and know nothing about banking but they have been recruited as executive chairmen, this calls for disaster. After the collapse of these banks , these so called men of God had the audacity to impunge disrespect and attitude to their shareholders. only in ghana. these sycophants would have been thrown into jail if they lived in the western hemisphere where the rule of law prevails. It is about time ghanaians hold these con men resoponsible. Banking and business goes with probity and accountability. Without these virtues, the banking sector will continue to collapse.
You talk about the poor? when you have employ Mackenzie Consultants and paining them soo huge and doing next to nothing. Whilst you have delibrately cash strap GRA. Hypocrisy. The demoralized staff of GRA want you to know you are a Huge disappointment.
Massa Ken ; today the whole of our society is not about helping poor it is about stilling from the poor by using our contacts and connections in society and our ability to lie and cheat our fellow man besides today judges; pastors ; Reverend ministers ; journalists ; politicians ; the educated elite ; public servants ; civil servants and even doctors are all a network of criminal mafia which are killing Ghana and until the YOuth rise up and and do something about this evil situation Ghana will never succeed because -as we all GOD IS GOOD and therefore instructs pastors like Mensah -Otabil Obimpeh and Duncan-Williams to form a a gang of businessment to steal from Ghanaians.