Thu, 13 Jun 2024 Article

Re : I'll Restore Collapsed Banks After Unbiased Assessment

By Prof. Dinkum
Re : I'll Restore Collapsed Banks After Unbiased Assessment

Hello John Mahama,

The rate you continue to be in a disease of ignoramus and appear to suffer from intellectual paraplegia and turmoil is gingerly but increasingly becoming repugnant. On June 9, you swaggered to a paltry of Ghanaians about your inclination to rekindle the collapsed banks by the discriminating President, Nana Akufo - Addo. The moment I glanced through that exact statement, I had the impulse and the brain wave that, it is time you embark on psychiatric evaluation, because your mental capacity had been dented with imbalance. If there is someone to facilitate such crusade, it should not had been you, all because, you had been an object of perdurable and imperishable ignominy to the Ghanaian fraternity. Your lavish words adopted in order to predominantly seduce the electorates to vote for you has been died off already. Since, you have posited this, the implication is that, you are in a central antagonism with germane to the frozen of those banks, right ?

If that's so, then solemnly greenlight me to be your pedagogue this time around also.

On 11th May, 2015, the Bank of Ghana (BoG) suspended the operations of Microfinance Company, DKM Diamond Microfinance Company Limited for 90 days : pivoted around the fact that the Company has carried its operations in a manner that was detrimental to the interest of depositors. As if, that was their only asset, they placed an embargo on it. Also, the Financial Intelligence Centre (FIC) has frozen five accounts of the Company, directing an immediate freeze of all debit transactions on any of the five accounts. A letter signed by the Chief Executive Officer of the FIC then, Mr. S T Essel, categorized the accounts as, DKM Mining, Transport, Shea butter, Cement depot, all limited liability Companies and DKM Gas Filling Station all under the DKM group.

Didn't this incidence happen under the tutelage of your presidency, Mr. Mahama ?

Was it not this hapless situation which exterminated over thousands of Ghanaians ?

I think, you are gradually perishing of incompetence still !

Ghanaians were brooding, sobbing and ululating uncontrollably, coupled with the irreparable privation you kept us into, so why are you flippantly and preposterously behaving as if, you were avuncular and solicitous to the Ghanaian ecosystems under your leadership ?

Even, what remedy (ies) did you proffer to those victims then ?

It was crystal clear that, you are a prophet of duplicitous activities, hence no intervention (s) was/were engendered by you.

The cunning grand design, you want to use in order to wrap us with your little finger would not be in propitiation _ so keep your balminess.

I hope you have registered that, you are a sheer prolix ?

It is the gospel truth that, in August 2017, the most noble President, Nana Akufo - Addo engineered an exercise earmarked, " financial sector clean - up ". This particular initiative was aimed to stabilize the banking sectors and as well proliferate their financial capacities (financial autonomy). This induced to the collapse of nine Universal Banks, 347 Microfinance Companies, 39 Microcredit Companies or Money Lender, 15 Savings and Loans Companies, 8 Finance House Companies and two non - bank financial institutions.

This resulted due to their financial flimsiness.

So, in August 2017, the Bank of Ghana gave GCB Ltd the green light to acquire two local banks UT and Capital Bank due to auster impairment of their capital. Similarly, in August 2018, the Bank of Ghana consolidated five other local banks into what it is called the ' Consolidated Bank Ghana Limited '

The Bank of Ghana in a statement on January 4, 2019, following the terminus of the minimum capital requirement ultimatum, said all the 23 remaining banks have met the new minimum paid-up capital of Gh¢400 million. 347 Microfinance Companies also had their licences rescinded by the Bank of Ghana in May 2019.

Therefore, in accordance with this, was it the sole prerogative of the President to abrogate those nugatory banks?

It was a consultative and synergetic step whereas the Bank of Ghana was the leading figure in that quest. It is comprehensibly mischievous to reproach the President for this.

Oddly, how will Mr. Mahama cooperate with the collapsed banks to meet the financial criteria laid down by the Bank of Ghana then with regards to his ignis fatuus?

His penchant to subterfuge the masses is getting provokingly infernal.

Let me demystify this scenario to people with regard to GN Bank saga. On 4th January, 2019, the Bank of Ghana approved a request to reclassify GN Bank from a Universal Bank to a Savings and Loans Company following its inability to meet new required minimum paid - up capital of Gh¢400 million by 31st December, 2018.

GN Bank has suspended operations in 70 of its branches including the Head Office branch at Asylum down and Castle road branch and temporarily suspended its entire management team without the approval of the Bank of Ghana contrary to section 25(2) of the Banks and Specialized Deposit - Taking Institutions Act , 2016 Act (930), mainly as a result of its insolvency and liquidity challenges.

A recent Bank of Ghana investigation conducted at GN Bank divulged that a significant amount ( USD62,255,516.93, GBP718,528.59 and EUR4,200) of depositors' funds held with GN had been transferred to International Business Solutions (another company owned by Groupe Nduom and which is based in USA) without any 19 20 documentation to support such transfers in breach of section 19 of the Foreign Exchange Act 2006, Act 723, Section IV of Bank of Ghana Notice No. BG/GOV/SEC/2007/4 and subsequent Bank of Ghana Notices issued in August 2014 prohibiting such practices.

So, GN Bank flouted the regulations of the Bank of Ghana thereby transacting Businesses in a stealthy manner. When intransigence arises, cleavages become the efficient alternative, hence Bank of Ghana disbanded GN Bank on top of their financial woes.

At this point, I am very convinced that, Mahama has perceived himself as a garrulous and haphazard person _ all what you uttered at that premises are hogwash and hokum !!

At no point, can the Goat Carcass squash Dr. Bawumia for victory on the 7th December, never !!

By Prof. Dinkum.
( The Buzzing Rapine of Erudition )
( 0554129918)

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