The maverick Member of Parliament (MP) for Assin Central, Kennedy Ohene Agyapong has revealed that the banking crisis begun under ex-President John Mahama’s administration.
The banking crisis, according to Kennedy Agyapong was covered up by John Mahama’s government because they lacked the courage to resolve the issue and did not want to be accused of the collapse.
Kennedy Agyapong who was speaking on Adom TV’s Badwam hosted by Omanhene Kwabena Asante said, “People are saying banks have collapsed under the NPP government. NO! The banks collapsed as far back as 2015. They concealed it. Why did the NDC release money to cushion the banks?”
Kennedy Agyapong added, “It didn’t start under the NPP government. It started in 2015 but the NDC lacked the boldness and didn’t want to take the blame for it.”
In contrast, Sampson Ahi, the MP for Bodi defended his party that the monies released by his government were not meant to cover up the banking crisis but to rather bail out the banks from collapsing.
“It was just to bail them out. What is wrong in saving companies that provide employment to people in this country? We were not only thinking about profits but also the social impact the crisis may have,” Sampson Ahi claimed.
Some seven banks in Ghana have collapsed just in a year following an investigation by the Central Bank of Ghana led by KPMG into their operations.
According to the Central Bank of Ghana’s investigations, The Beige Bank, Sovereign Bank, and Construction Bank which have gone bankrupt, obtained their banking licenses illegally through the use of suspicious and non-existent capital.
The Central Bank of Ghana has, therefore, merged The BEIGE, Sovereign, Construction, UniBank and Royal Bank into the Consolidated Bank of Ghana Limited to save the situation.