Open Letter To The Citizens Of Ghana To Be Vigilant On National Affairs And To Give Support To Credible Government Projects Or Policies

Dear Fellow Ghanaians.
Once again, let us think positive and think big and be guided by the statement in the Holy Bible at Ecclesiastical 3:1 that ‘There is a time for everything’ so let us regard the hardship we are going through has come at a nominated time to provoke us to change our attitude, inculcate good values, come together as one people, one nation with a common aspiration and destiny (future) who need to adopt home grown solutions in order to meet needs in life. This is the main reason, the Almighty God gave us enough resources but for whatever reasons we seemed to be lacking values, so 2023, as the appointed year for both rediscovery (sankofa) of values or discovery of same and for economy recovery for Ghana.

Folks, firstly join me to express gratitude to the management of Modern Ghana especially the Editor and the Publishing Team for creating a very excellent special purpose vehicle as (information and news) Website since its inception for the rec-construction or fixing of Ghana, hence the name modern Ghana for breaking new/top stories and authentic facts on Ghana and to some extent news on and or about the continent of Africa, covering economics, politics, social (entertainment traditions, sports etc).

As a Constitutionalist/and one of the matured persons in the early 1990s, who participated in the then ongoing fight for Democratic rule from the despotic PNDC regime, helped in the deliberations of the work of the Consultative Assembly which was one of the elements, rather the main one which framed the 1992 Constitution, it is very good that on behalf of the framers of the Constitution, I take this chance to say Ayeko (well done) to all of us, the Citizenry of Ghana for upholding, preserving, protecting, and defending the Constitution of the Fourth Republic of Ghana for the attainment of 30 years milestone on 07 January 2023 and thus the longest constitution in the History of Ghana and for that matter, one of the longest Constitution in Africa.

For those young folks who are agitating for the jettison of the 1992 Constitution, let me on the behalf of the senior citizens inform them that the 1992 Constitution like that of the Constitution of the Presidential System especially type that of the United States of America, is to ensure good democratic governance by giving enough power to the Executive Arm of Government to act nationally but without so much power that will put fundamentals human rights at a jeopardy or risk. To ensure the achievement of strong, credible and viable fundamental human rights as part of the ingredients for good democratic governance, the Constitution established three Arms of Government, namely the Legislature, Executive and Judiciary with clear Separation of Powers, with checks and balances on those powers to assure no any arm of Government gained supremacy.

Furthermore, it provides the Council of State, which is another tool or measure to check on the powers of any of the three arms of Government by ensuring good democratic governance by an advisory role to the three Arms of Government, as well as to National Institutions and NGOs/CSOs. Additionally, the Council of State is granted with quasi-legislative roles for the consideration of bills especially on amendments of the Constitution for a very good reason.

The young ones need to be told that, the 1992 Constitution is based on our history, need for good values hence the dogma of Probity, Transparency and Accountability and it was framed at the time there was no internet system or IT revolution. They should stop behaving like a stupid character or spouse (wife or husband who on acquiring certain status in life then thinks he must jettison or divorce the partner for a different spouse (the trademark of the African, with no values) but ensure to maintain their old or first wife or husband (for better or for worse) and see how adjustment (change of style) could be made to invigorate the marriage or love to meet the exigency of time.

So, the 1992 Constitution like our first wife or first husband is a very good one but like the Constitution of other Nations it only requires amendments (change of style in the marriage and not an option for divorce). Hence, the Constitution has provisions to adjust or amend it to maintain the marriage (the Sovereignty and Unity). As stated, at the time of the preparation of the 1992 Constitution, communication was very poor globally. It must be noted that although 01 January 1983, gave the birth of Internet, and the developing Internet system to the current vibrant social media (now with Zoom etc). At the time of framing the Constitution, telegrams, landline telephones, runners, mails were some of the means of communication over distance or long range terrain.

Today, a soldier on Peacekeeping duties in any part of the world, any of his or her family members especially spouses can connect and interact with each other at will 24/7 without seeking permission to do so from the Military authorities in Ghana and in the Area of Operations. This was not possible at all before 1992. So those days, for a wife of a soldier in Tamale to speak to the husband say in Lebanon, any of the spouse has to book one week in advance to the Signal Regiment Burma Camp Accra and the wife has to travel from Tamale to Burma Camp, Accra to go and queue on the pre-arranged date and time and even wait before communication was established that was if the parties were very lucky, so you can imagine the associated countless risks including ambushing of the wife, no romantic spices or talk, secrecy was lost because the conversation was monitored.

So the framers of the 1992 Constitution applied common sense and came out with some of the provisions of the 1992 Constitution especially the Vice President (designated as a spare tire with zero executive powers) to be sworn in and for him or her to assume quasi executive powers (unless under emergency he cannot or he may not change anything as the acting President) when the President is out of the Country and the Speaker of Parliament designated as the third person to assume National Executive powers/Commander-in-Chief of the Armed Forces of Ghana when both the President and the Vice President are out of Ghana. This sound very excellent at that time with the poor communication but absurd today due to IT. So common sense demands immediate change of this absurdity.

Hmm, with the discovery and development of IT, mobile phone (the yam phones) communication was introduced in the late 1990s; especially the Sim Cards of One Touch (now Vodafone) with a phone of no choice aside the colour. This was phone with Sim card was sold above the roof and before you can get one you either pay a heavy bribe or be in very long queue and you would be a very lucky person if you were issued with only one Sim Card. Today’s very improved communication or IT system has changed the narrative greatly, so the affected provisions of the Constitution or the styles of the wife or husband look absurd today, so these provision must be amended or the couple must change their style not an option of jettison of the Constitution or a divorce option in the marriage which has brought you this far. The sinful character or mentality of the black man without a good cause but due to a change of status say now the President of her or his Country so to opt for a divorce just to take a new spouse due to change of status must be halted and rather be inculcated with moral values (honesty, fairness, disciplined, responsibility, accountability, Respect etc). So let us be honest and give respect to the 1992 Constitution or our wife or husband who has brought us this far, the 30years milestone but continue amending (changing styles) for subsequent milestones.

Folks, there is a potential positive for every negative aspect, so, whatever is or are the casual effect(s) of the nation’s economic doldrums, which has or have made Financial Analysts to down grade the economy of Ghana, the situation may be a good omen because junk bonds may pay higher returns than safer investments, so some very rich investors who understand the game, normally have the appetite for junk bonds for future gains.

The situation also provides opportunity for the entry and growth of new enterprises, for instance we now have new entrants in the water sachets industry selling pack of 30 sachets around GHC5.00 which is lower than the traditional or old brands like special ice etc sold above GHC6.00 per pack. Finally due to the external shocks (COVID-19 pandemic, Russia-Ukraine War, actions of the Federal Reserve Bank of USA etc) which affected nations globally, bilateral Creditors (IMF/World Bank, developed Countries etc) may consider cancellation (forgiveness) of debts and Ghana will be one of the luck or is it shameful Countries to once again enjoy debt forgiveness this is consonance with Ecclesiastical 1:9 that is ‘What has happened before Will Happen Again’. So let us eschew the lamentation and individually and collectively work harder than before and with prayers this unfortunate misfortune maybe a blessing. Folks, God has revealed to me to inform you that 2023 is a year of breakthroughs.

Folks as a testimony, on Sunday 08 January 2023, a spirit entered into me which caused me to make a triumphant entry into the House of Abraham also known as Straightway International Church at Santasi in Kumasi. The last time I took part in a routine prayers with Muslims or Christian (Muslims and Christians praying under one roof as in the Military as in 2BN, Takoradi), was 2003. I am a Muslim. Furthermore on the same day, the same spirit at a short notice made me to get Reverend Dr Saratu Adjei, one of the leading Pastors at the House of Abraham, who happened to be my blood Sister to attend a social function at Ex-President Mahama’s Kejetia Modern Market for security personnel dubbed WASSA as among others to demo esprit de corps.

This social function was the first of its kind in this Market for security elements and graced by the MD of Kumasi City Market Ltd, with the CEO of the security service provider namely Lexbena Security Services Ltd (Doris Antwi Boasiako) and other members of the Core Management Team in attendance. The social function under auspices of a Head of Security of Kumasi City Market Ltd was the first one since the Kejetia Market was commissioned by President Nana Addo, the Show boy in 2018 but operational effective 30 September 2019.

This Head of Security of Kumasi City Market Ltd the sponsor of the function is one ex-WO1 Sosah. Hmm ex-WO 1 Sosah happened to be one of the Soldiers under my command in Liberia during a fierce battle to capture Robert Fields International Airport Harbel, about 60km from Monrovia, Liberia from the fearful rebels of Charles Taylors, who due to their good knowledge of their home terrain,(thick forest etc), almost caused a dead blow to the mighty ECOMOG Troops by demoralizing us by sniper firings, causing of many casualties to the Nigerian troops (dead bodies, amputation of hands or legs you were given the choice of either short sleeves that was hand amputation or leg amputation when captured otherwise shot dead).

Folks, at an appointed time, the Ghanaian Battalion with me, as the Commander of the Advance Group to capture the Airport entered into a fierce battle in one night with the rebels when shockingly the whole Ghanaian Battalion ran short of ammunition thus left us in the hands of God. At that time we knew that there is God (Awewura the name of one of my beautiful daughters meaning my God is there in Kasim or Grunshie). We had an Anchor, and it was held in the midst of storm.

Thanks to the Nigeria ECOMOG Troops especially an Artillery Unit which fired suppressive fire over heads continuously for us to receive and distribute (issue out) Ammunition from Nigeria, when our own people or Command in Accra failed or were dragging their feet with questions on how it happened or we should account for the ammunition at a time we were under intense firing by the rebels of Charles Taylors to capture or push us back to Monrovia. Some soldiers including a driver of the Commanding Officer of the Ghanaian Unit were wounded. This was the time it was revealed that in war that you see real soldiers. But for the bravery of myself and my body guard (Runner) who volunteered to create a safe route for the casualties to be moved to a hospital in Monrovia, Ghanabatt would have recorded some dead casualties. With the resupply of ammo, the advance battle group under my command resumed the battle and suddenly changed a defeat into victory. This is a million dollar film for the Film industry. So 2023 is a good year.

Folks 2023 is a good year, as appointed by God. The following may occur; the President will reshuffle his administration and a new Finance Minister will give some positive signs to the economy, some economy growth at micro economics level due to various elections to nominate members of Parliament, Presidential hopefuls and money will certainly be pumped into the system, at least the Sachet water sellers’ market may expand. Furthermore, TOR likely to come on board, we would get the IMF bailout, a new Oil Refinery by Chinese coming on board (which is a good idea but it would hurt and hunt us by capital flight), The likely Gold for Oil barter trade may occur, if this happens, it will at least give the Country a respite to take other appropriate bold actions.

We should note that gold is also a means of a store of value and may soon surpass the dollar or remain at par with it and since we are in the regime of fiat money which people are failing to understand, Bank of Ghana per the appropriate monetary policy (expansionary monetary policy) must print cedis to finance some of the production sectors especially the Agric sector and needed or essential government projects. In economics, the Central Bank in a Fiat economy can promote private enterprises through granting low interest loans in order to create more jobs and wealth. Hence, more revenue by tax to the State.

Furthermore by God, we also have the McDan Group working very hard on large scale Salt mining project at the Ada Songhor lagoon which has the potential to give this Country huge foreign exchange, employment and development. So let us support the two ventures of the Gold for Oil and McDan Group’s salt venture with prayers as well. It must be noted that God gave us the minerals, both precious minerals like gold etc and the industrial minerals like salt, limestone etc for the benefit of every citizen. Hence, God gave wisdom to the framers of our Constitution to enshrine this national interest by the provision of Section 6 of Article 257 of the 1992 Constitution that ‘Every mineral within Ghana is the property of the Republic of Ghana and shall be vested in the President of Ghana on behalf of, and in trust for the people of Ghana. So the Gold for Oil deal by the State through the President is a responsibility as required in Article 36 of the 1992 Constitution on Economic Objectives in conjunction with Section 6 of Article 257 of the 1992.

Folks, since man is greedy and fallible, God also gave wisdom to the framers of the Constitution to provide a requirement of Parliamentary Ratification of Agreements Relating to the natural Resources as at Article 268 of the 1992 Constitution to cure these two mentioned risks. The Constitution is seen by some us as a bad one because of lack of amendment which and effective enforcement. So the problem is not the Constitution but the people and the leaders.

The above mentioned Constitutional provisions and others especially Article 86 and 87 of the 1992 Constitution on the National Development Planning Commission (NDPC) established by the Constitution by ceding the Economy Planning wing from the hitherto Ministry of Finance and Economy Planning are poorly understood or under implemented or not implemented for corrupt actions.

Article 86 and 87 of the 1992 Constitution are meant to bring the Managers of the Monetary Policy and Fiscal Policy as well as others economic planners under one Umbrella to come with national development plan for Presidential candidates to use including tweeting it to prepare their manifestos. That is why the Constitution unlike previous and other nation’s Constitution like that of Nigeria, our Constitution does not require paper qualification to be President or Vice President nor does it require the VP to be a member and the Chairman of the NPDC. So, the buffoonery that VP Dr Bawumia must resign or removed as the Chairman of a Tea Party dubbed as Economic Management Team which in real sense should be made with participants from some specific or related stakeholders to collate and discuss their views or comments on a national policy for cabinet consideration for the President to direct the Finance Minister to act as appropriate. Hence, the buck stops with the President.

The VP of Ghana has no executive powers to order the Finance Minister to accept his recommendations or that of the alleged Economic Management Team. The VP has no an advisory role direct to the Minister of Finance. If he or she (the VP) does gives orders to the Finance Minister to take or act on his recommendations then it will be unconstitutional for assuming executive powers not granted to him or her. That is why the recommendations made by VP Dr Bawumia like not levying the MoMo transaction as was proclaimed earlier on VP on Peace FM was not binding on the Minister of Finance, hence, the Finance Minister opted to introduce the e-levy, a policy kicked against by VP Dr Bawumia.

Folks, nothing prevented the State to come out with a national policy of massive transformation and modernization of the Agric Sector through allocation of adequate budgetary expenditure say 10% of the national budget to the Agric Sector which is binding on successive Administrations of Ghana, so that we see Agric sector for wealth creation which duly provide jobs etc and stop the buffoonery of seeing the Agric as a social sector for creating of jobs, so depend on donor support for the Agric sector and the crowning of best farmers like the crowning of Miss Ghana or Miss Di-Asa (Miss Fat women or is it Miss big buttocks, with apology to Atinka TV).

A folk, the State is not providing good leadership through effective Agric Shows or Exhibition to expose the farmers or the Citizenry especially the youth to innovation in the Agric Sector but exposing the citizens especially the youth to evil minded issues. How do you put this blame to the Constitution?. Ghana has crowned over 100 best farmers and the people still are hungry. The Media should try to check the farms of past winners of Best farmers at the National, Regional and District Levels and let us know whether they have maintained or expanded their farms for as a job for wealth creation or nothing to show.

Folks, by orchestration to be explained later, 2023 would also see the laudable efforts of Dr Joseph Siaw Agyapong, the CEO of Jospong Group who within a split of second has succeeded in making a deal with investors from Thailand who are bringing US$160million, to help us in massive rice production. But once again our clueless successive Administration of the government of Ghana since 1993 by their poor or weak risk assessments of issues did similar things, which are especially capital flight, is hurting and hunting us now. So it is feared that this Thailand deal by the State may come to hurt and hunt us especially when the Thailand investors are repatriating the returns on their investments, thus depleting our foreign earnings like what some of us are accusing genuine and God loving investors in the Gold Mining and Telecom sectors for capital flight or repatriation of huge foreign exchange earnings.

Folks, it is envisaged that this Rice production deal was orchestrated by the Finance Minister for that reason he failed to give sufficient budgetary expenditure to the Agric sector, essential for the economic recovery effort. So it is a deal between Ghana and Thailand that was why the investors visited relevant Ministers including Trade, Agric, and Finance and lastly the President of Ghana. I want you to take note that it is a very not good one by our government; it will hunt us in future as indicated above.

Folks, is our clueless Finance Minister saying that without this bad deal envisaged as pre-arranged by him behind the scene, Ghana has no means to also undertake massive production of rice like what Nigeria did or what?. Furthermore, is he saying that he is not aware that the massive rice production achieved by Nigeria was done with the support of our compatriot in the person of Hon Abraham Odoom from ex-President Kofour’s Foundation with the support of the Central Bank of Nigeria and others?

Folks, is not this same Minister, who hoodwinked some of use with a proclamation that we were a Nation of proud people, so for reason(s) best known to himself, he refused or failed to opt for the Debt Service Suspension Initiative (DSSI) by the G20/World Bank, when the opportunity was offered in 2020 up to December 2021 and or refused or failed to opt for the bail out from the IMF at the right time or at the time(s) Professor Godfrey Alufar Bokpin of University of Ghana and others recommended to the State?

Folks, pardon me to deviate to say that per the 1992 Constitution the Minister of Finance was impeached (charged and arraigned) but he was not found guilty by Parliament by vote of censure but since he is making the Nation to be sitting on a time bomb, so due to his kind of debt restructuring, as a result of his failure to act at the right time, he does not need to be in Office, so let us monitor things to ensure he is not kept at the Ministry beyond March 2023.

Our Government or Administration of successive of NDC and NPP regimes since 1993 have not been very serious with the Agric sector like how the General Acheampong gave seriousness to the Agric sector. So it was not a surprise that ex-President Mahama in one of his speeches, recommended that President Nana Addo should adopt or emulate the late General Acheampong’ Operation Feed Yourself program. This meant that he never put in place a good agric policy for which he could recommend to the President.

Well we pray that when given the second chance, ex-President Mahama will do the right things especially see the Agric Sector as not as a social sector for a job crowning the best farmers like the crowning of Miss Ghana with pageantry/fanfare and doing so by depending on donor support but a sector as an engine for economic growth, hence a job for wealth creation with the associated benefits of creations of genuine food security and creations of genuine jobs in Agriculture, Agribusiness, Agro-industries, the food value and supply chain, etc therefore the Agric Sector must be granted not less 10% of budgetary expenditure for the transformation and modernization of the sector.

Folks, as part of the nation’s economy recover programme, provision of more funds to the Agric sector noted as the engine for economy growth by even to a JSS Student is sine qua non (must do) or is the way to go, so more investment say not less than 10% national budgetary expenditure was the expectation which should have been done by Ghana’s Ministers of Finance, since 1993, otherwise the Central Bank support ARB Apex Bank to get Rural Banks to provide low interest loans to farmers, rice millers, gardener, warehousing agents etc. This was not so since 1993, because the Agric sector received less than 1% of the national budgetary expenditure, this made the Agric Sector to be lacking behind the Service Sector.

Folks can you imagine that everyone, included JSS pupils talked in the pass of massive production in the Agric sector as one of the solutions, so reasonable funding for the transformation and modernization of the Agric Sector for macro economy stability is the answer Ghana lacked. For instance, our current Finance Minister has allocated only a meager GHC1.2Billion representing about 0.5% of the huge total budget for 2023 to the Agric Sector. This is woefully inadequate. As usual of them he also thinks of or depending on donor support and the diabolical or cunning deal involving the Jospong Group for Thailand support in rice production for a breakthrough. Though it looks a good one but it would hurt and hunt us in future. Let us monitor things and ensure we are on the right path.

Folks, Ghana is endowed with a lot of natural resources minerals, oil etc which are giving us huge revenue beside revenue from taxes and investments, furthermore, Ghana has so many faculties of Agric, research intuitions in Agric, so many Agric professionals. Likewise Ghana is expected to benefit from the African Center of Excellence for Research located close by in Ivory Coast formerly known as West Africa Rice Development Association (WARDA) and lastly we have the ex-President Agyekum Kofour’s Foundations and others involved in farming issues including food security.

Our own Compatriot in the person of Hon Abraham Odoom through the ex-President Kofour’s Foundation supported Nigeria to produce massive Rice by 2017. It is therefore very disturbing to learn that our clueless and inept Minister of Finance had to support the Business tycoon by name Dr Siaw Agyapong, a very smart businessman to go and establish a deal with Thailand Investors to come and replicate rice project in Ghana. Folks, without first conducting feasible studies the Jospong Group/investors secured US$160million Dollars from the Exim Bank of Thailand within a split of a second. A good job.

Folks, it is very curious to note that immediately after the announcement by Bank of Ghana that effective 2023, it will not provide dollars for the importation of rice etc, Dr Siaw Agyapong flew to Thailand and within split of a second, he made an agreement with the Thailand Investors for the rice production deal. Also within a split of a second, we saw the Team interacting with the Minister of Trade, Minister for Finance, Minister for Agric and lastly the President of Ghana. Were they acting a film or what? That makes it suspicious.

Folks, some years to come Ghanaians should not complain when the Thailand investors are repatriating their returns like what is happening at the Telecom and the Mining sectors. I hope in future, a Dr Bawumia will not negotiate for the Thai rice producers in Ghana to give us 20% of the rice for a barter trade say for oil. Folks, shine your eyes and open your mind and ears and push the Special Prosecutor or the investigators to investigate with alacrity, vim and boldness the businessman who attempted to influence Members of Parliament to drop their agitation for the removal of the Finance Minister. This may reveal a lot.

Please I pray and hope it is not Dr Siaw Agyapong, whatever is the state of affairs, he should not be blamed for doing a genuine business to amass wealth.

Ironically our authorities especially both the Minister of Agric and the Minister of Finance seemed not to be aware that Ghana has about 4.7million hectares of arable land, not less than 223,000 hectares of area equipped for irrigation for flood control crop production and not less 240,000 hectares of land is being used for cultivation of rice in Ghana. So Ghana needs to get rice seeds which are capable of giving not less than 8metric tonnes of paddy rice per hectare. Otherwise with our current low yield of national average value of 4.5 metric tonnes of paddy rice per hectare, Ghana needs about 600,000 hectares of land to produce not less than 2,700,000 metric tonnes of paddy rice to be milled at 65% recovery rate to get more than 1.5million metric tonnes of milled rice for national consumption and export. Since rice takes 120 days to 150 days to mature, rice can be grown twice on irrigable lands.

So the answer is adequate funding to the Agric sector to ensure availability of adequate agro machineries (tractors, seeders or planters, tillers including power tillers, combine harvesters etc), good water management, cultural practices include fertilizer application, other necessary agric-infrastructure, good marketing through the local consumption or marketing, effective use of the Commodity Market/Ghana Commodity Exchange using electronic warehousing system, so that farmers or rice millers can use electronic receipts as collateral for credits, then exporting of surpluses. This must be done with import substitution policies.

With a very good National Development policy, Ghana can produce sufficient rice within two years. Folks Ghana has a better rainfall than the areas in Nigeria for cultivation of rice etc so we only need a dedicated and hardworking person like Hon Abraham Odoom, and funding at low interest/logistics. Ghana’s Central Bank (Bank of Ghana) can provide the loan adopting the same strategy like what the Central of Nigeria did with the Anchor Borrowers Initiative.

We need to ensure that we take active participation in the development of our Nations and effective monitoring of things. Hence we should not sit aloof as mere spectators to leave it to the current and subsequent Administrations. The future of Ghana is in our hands, so let us ensure the current administration do the right things and we should uphold defend and protect the Constitution and shun any detractor of the nation.

Fellow Ghanaians, once again let us regard the situation as a game changer for us to do away with the penchant or taste for foreign goods, arrogance, selfishness, greediness, so that we change our negative attitude of Pull Him Down (negative PHD) to a Positive attitude of Patriotism, Honesty, Discipline,(positive PHD) Thinking or Dreaming Big, Thinking Positive, and be innovative or up scaling our ventures

Folks, I want to remind you that the Bank of Ghana in 2017 undertook a Cleanup exercise in the financial sector which was based on matters on the asset quality of the affected banks reportedly as far backs in 2014. Some of the affecting banks were bailed out with millions of cedis but no improvement, so Bank of Ghana had to apply right law which is the Banks and Deposit Institution Act of 2016 for the regulation and supervision of the Financial Sector. Among others, the affected banks had huge non-performing loans, liquidity challenges which resulted in the inability to pay depositors and investors their funds, lack of ethical standards as demanded by law was their canker. Reports indicated that depositors and investors funds were deliberated misused or misapplied or squandered by some of the affected banks and initial bail outs granted by the magnanimity of the regime of Ex-President Mahama to save indigenous banks were allegedly squandered by some of them and depositors could not withdraw their investments due no funds. That was the state of Affairs.

As part of corrective measures, the regime of Ex-President Mahama enacted a financial law in 2016 and it was this law which gave the jurisdiction to the current Governor of Bank of Ghana to take action allegedly deemed appropriate to do so. So the Governor of Bank of Ghana in the regime of ex-President of Kenya would have applied the same law in 2017, but for the election in 2016 which saw him out of Office. So, If it is true that the Banks misapplied an initial support or and failed to work in an ethical manner and there was a law to deal with them which was not available initially and this might have contributed to their aberrations then we needs to support the Bank of Ghana for the quick and brutal (strict) action against the affected banks when the right law was available.

Fixing our Country requires obeying and enforcement of the Constitution and the Laws of Ghana, hence we must applaud the Governor of Bank of Ghana for rising to the occasion to deal with recalcitrant acts. So let us ensure to support the State to enforce the laws of Ghana or to make Citizen/operators to abide by the laws of the land, this should not be negotiable at all especially when an initial bail out is provided to a distress firm and it still indulges in the wrong acts or fails or refuses to demo it has halted the wrong acts. But, if the allegation of an issue of political hunt or selective process as some people claimed is true then this must be corrected at the appropriate forum which is at a competent Court.

Thanks to God we have the strong Judicial for redress on any wrong acts by State officials.

Common sense may tell that once depositors’ confidence is waning in a bank, it will lead to large scale withdrawal of funds from Banks and not only the affected Bank, and this may collapse the Bank system where public confidence is sine qua non. So swift and brutal action is a way to ensure public confidence is sustained in the financial sector. It is envisaged, it would have cost the state more if no action was taken to halt the operation of the affected bank(s). The questions we failed to ask are (a) when these banks were licensed to operate? (b).why more than one local banks in the same alleged problem, (c). So, where some of them part of a create and looting scheme?

The good aspects of the exercise by the Bank of Ghana are that it resulted in some of the affected banks absorbed by GCB, some of the consolidated into Consolidated Bank of Ghana and both vehicles absorbed the liability, assets and some of the personnel of the affected Banks.

Folks, beside some employment provided to some citizens and we should not be worry with the number employed or maintained because the financial sector survives on profit or it is not a social welfare sector and should not be made as such to employ people to dwindle shareholders dividends. Note dividends obtained may be used to create or maintain other jobs. The right thing is for us the citizens to monitor in order to find out any gains made by GCB and CBG, accrued dividends to shareholders, exact amount retrieved/collected so far, revenue collected with related taxes (the 5% tax on existing banks to meet the cost involved, the tax started at what date and is for how long), what amount to be paid by affected offenders or assets to be confiscated by the Courts for effective monitoring to ensure no foul play.

Furthermore, did the exercise instill discipline in the financial sector, has it built public confidence in the financial sector with the notion that there are strong regulations, zero tolerance for criminal acts by a strong regulator or the State, state of readiness to acts swiftly, the State capacity in the financial sector or system to effect payment of depositors and investors funds thus creating the notion that if savings are made with Banks registered with and controlled by Bank of Ghana, Bank of Ghana as a bank of last resort will take care of the depositors.

We should also reckon that the likelihood of the funds paid to the affected depositors and investors persons by Bank of Ghana were either used to operate accounts with existing creditable banks or were invested in businesses including farming, trading etc which might have generated and continue to generate inmensurable gains both income and employment at the microeconomic level and since Ghana has consumer tax system in the form of VAT etc, some of the alleged GHC25Billion used in the bailout might have returned to the Government in the form of VAT, NHIL, GETFUND Levy,, PAYE, SSNIT Contribution at the macroeconomic level beside creating jobs in the private sector which most people failed to reckon. We need to get Parliament especially through the Minority Members or their Leader to get Bank of Ghana to give us the current states of affairs as far as the financial cleanup was concerned

Folks, we must stop being narrow minded and be open minded and think of the nation first, hence let us come together for the sake of our children, grandchildren and those unborn and push for or support leaders who will act in a direction that will ensure national security through national cohesion and national development through economic emancipation. So far Bank of Ghana is reportedly to have recovered about GHC 2Billion.

You may hear some people talking that the government, should have considered the need for the growth of indigenous banks and should have allowed the existences of the affected banks. These persons have failed to reckon that beside the traditional Commercial Banks, we have numerous local banks, these are the 144 Rural Banks and Community Banks with over 800 branches with over 8 million customers under ARB Apex Bank, a vehicle of Bank of Ghana for controlling the Rural and Community Banks which were established in 1976 for the transformation and modernization of Agric sector by the NRC regime of the Late General Acheampong to provide credit facilities to small scale farmers and businesses within the limited jurisdiction especially rural areas.

Best regards
Mohammed Bogobiri (rtd)