The Member of Parliament for Assin Central, Kennedy Agyapong has called on the government to arrest former Governor of the Bank of Ghana, Dr. Henry Kofi Wampah and other officials for mismanagement of the economy during his time which led to the collapse of some banks and revocation of licenses of some savings and loans companies in the country.
According to him, the facts available suggest that the collapse of the banks can be traced to his era as the Governor of the Bank of Ghana.
“I can tell you something that this government together with the regulator and the Finance Ministry took the best decision on the collapse of the banks, however, I want Dr. Henry Kofi Wampah and Dr. Abdul Nasiru to be arrested for the mismanagement of the banking sector under the erstwhile John Dramani Mahama administration.
“The officials especially at the Banking Supervision Department who watched on for these banks to violate the laws should be arrested immediately,” Kennedy Agyapong said in an interview on Accra-based Kingdom FM during NPP’s manifesto launch at the University of Cape-Coast in the Central Region.
“They connived with the owners of the bank to act this way,” he alleged.
Background
The Bank of Ghana revoked the licenses of 386 insolvent microfinance and microcredit companies.
This includes 192 microfinance companies having their licenses revoked with another 155 insolvent companies that have ceased operations also suffering the same fate.
Some seven banks in Ghana have collapsed following an investigation by the Central Bank of Ghana into their operations.
According to the BoG’s investigations, The Beige Bank, Sovereign Bank, and Construction Bank obtained their banking licenses illegally through the use of suspicious and non-existent capital.
The BoG has, therefore, merged The BEIGE, Sovereign, Construction, UniBank, and Royal Bank into a Consolidated Bank of Ghana Limited to save the situation.
