ATTEMPT BY BOG TO OFF-LOAD SHARES IN ADB- ANOTHER RECIPE TO SIPHON GHANA’S RESOURCES TO SHARE AMONG CRONIES?

Information available to Public Action Against Corruption and Abuse (PAACA), indicate that the Bank of Ghana is in the process of off-loading its shares in ADB by close of this year. The repercussion is that, the state owned Bank, Agricultural Development Bank (ADB), would be sold as was speculated somewhere last year. Currently, the Bank of Ghana (BOG) has 48 percent shares in ADB and this move may mean that ADB would be sold as cheap as was done to Merchant Bank recently without considering its huge debt portfolio.

The Public Action Against Corruption and Abuse (P.A.A.C.A) is suspicious that Cabinet's approval for ADB to be placed on the Ghana Stock Exchange is a recipe to sell the state-owned bank to political cronies. The carelessness of this Government is overwhelming when it comes to the sale of any state owned property. In less than three years, there is no doubt that this Government would be out of power. For this reason, there has been an attempt to siphon Ghana's resources, make money for themselves, snub any advise that would be offered them and go ahead to steal from the poor Ghanaian. The President owes it a duty to protect any state property and not to allow such wickedness to befall Ghana once again. It must be remembered that the Merchant Bank saga is still on.

Currently, our information has it that some properties including offices and real estate facilities belonging to ADB across the country has already been sold to some cronies of this Government, rendering the bank useless and eventually paving the way for the Bank to be placed on the Ghana Stock Exchange. It is obvious that this government has not learnt its lessons when issues like SADA, SUBA, GYEEDA sale of Merchant Bank, to mention a few were engulfed in corruption with the President, John Dramani Mahama and his family being mentioned in these corruption cases. Yet, he sits in cabinet and approves of the sale of ADB without any shame. It is therefore not a fluke that the President has failed to curb corruption in this country. Under this administration, corrupt people are protected by setting up unnecessary commissions of enquiry and taking matters to court which will last exactly the same time their administration will expire, killing the matter naturally. This attitude has paved the way for those who are supposed to protect public properties to diabolically siphon the little we have saved thereby creating a system of higher and lower classes in this country. Meaning, the rich shall be richer and the poor shall continue to be poorer.

As a matter of urgency, Public Action Against Corruption and Abuse (PAACA), is challenging the authority of the Bank of Ghana and ADB to immediately come out with a press conference and state the reasons why a state owned bank like ADB needs to be sold at this time, tell Ghanaians the debt portfolio of ADB and why some asserts of ADB has already been sold across the country.

PAACA is watching keenly on this matter, and would not allow the government and BOG to once again sell a state owned bank to the detriment of poor Ghanaians and the Agric Sector which has seen less improvement under this current administration. Failure to adhere to our advice will see PAACA on the streets once again.

Thank You.
Signed,
Joseph Otoo - 0207347137