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-Doscar Group Chairman Asks Finance Ministry, BoG To Give Account Of 14bn GHS Spent On Banking Sector
Reacting to a story from Dubai yesterday, HRH Oscar Yao Doe has compared the fortunes of the country and Ghana, concluding that unless his country adopted pragmatic and well-thought-out solutions to very critical issues like the ongoing banking scandals, Ghana can never match the prosperity of the Arabian country. In the said story, the UAE Central Bank confirms move to control real estate exposures in the banking sector.
The Central Bank of the UAE has released for consultation proposed new regulations to better control real estate exposures in the banking industry. It said in a statement that the primary objective of the proposed framework is to enhance financial stability by redesigning regulatory measures.
The refined measures are expected to improve flexibility for bank lending to the real estate sector, while ensuring that banks with higher real estate exposures, above a set threshold, will be subject to supplemental regulatory requirements.
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"This Is How You Create The Enabling Business Environment For A Country To Prosper", the Doscar Group Chairman said in his public post.
He also challenged the finance ministry and Bank of Ghana to give a breakdown of how 14 Billion Ghana Cedis was purportedly spent on the ongoing banking situation in the country.
Read the full article below...
But In Ghana From 2014 - 2018 Many Ghanaian-Owned Banks Were Exposed To Ghana Government Contracts' Debts. Guess What? HON. Ken Ofori-Atta And Co. Refused To Honour Those Debt Obligations To The Local Banks, Which Could Have Helped Them Improve Their Cash (Liquidity) Positions. And Then, Government Should Have Followed Up Immediately With Bailouts To Give Them (The Banks) The Needed Relief, Especially (Where) Those Payments Were Still Not Enough To Shore Up Their Liquidity Strength. And After That, (The Government Can Now) Initiate Tighter And Tougher Regulations, Including Assigning Government Policing The CEOs Of All The Affected Banks Till They Pay Every Dime Back Into Government Covers.
This Exercise Could Have Cost Less Than 3 Billion Ghana Cedis, Saved Many Jobs, Protect The Unnecessary Spill Over To The Savings & Loans And Micro Finance Companies. This Could Have Been The Smartest Way Out, Assuming The Decision Was Made Based On National Interests.
But Now, We Are Told Up To 14 Billion Ghana Cedis Has Been Spent On The Banking Situation. Really? For Real? Wow! Answers Are Needed!
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1. Where Did Government Find The 14 Billion Ghana Cedis From? Who Is Going To Be Responsible For That Money?
2. What Exactly Was The 14 Billion Ghana Cedis Used For?
3. The Finance Ministry And Bank Of Ghana Owe It A Duty To The Ghanaian People To Give A Breakdown Of How The 14 Billion Ghana Cedis Was Spent If They (This Government) Truly Believe In Transparency!
4. Is The IMF, World Bank, Etc Aware Of This 14 Billion Ghana Cedis Story? What A Mess!
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(In My Conclusion), My Question Is Are We Saying We Used 14 Billion Ghana Cedis To Destroy Our Own Indigenous Banks? Or It's Just A Movie? WHATy Sense Does It Make To Spend Such Huge Amount To Destroy Ghana-Owned Banks. It Doesn't Make Any Sense At All.
(Should) We Be Saying Oh, We Used 4 Billion GHS, Or 5 Billion GHS To Bailout Our Ghanaian-Owned Banks To Avoid Job Losses, (With The Grace) That They Will Pay Back To Government Coffers, That Would Have Made Sense!
(Just Imagine) The Actions Of Our Well-educated Degree Holders! Asem Be Ba Da Bi.