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NPP did not collapse any bank – Gabby fires

A close confidante of President Nana Akufo-Addo, Asare Otchere-Darko has fought of claims that the governing NPP has collapsed banks.

In a Facebook post late Wednesday, Mr. Otchere-Darko said: “Who collapsed banks?”

“NPP says NDC did. NDC says NPP did. Truth is in there…” he added.

According to Gabby, “some banks were struggling to survive by 2015/16/17…The BoG, as a rescue package, initiated, with the support of government a mergers and acquisitions programme.”

Gabby’s defense comes amid growing criticism from members of the opposition NDC that the banking sector clean-up was just a move by government to collapse banks.

Some have accused the Finance Minister of going after his competitors due to his interest in Data Bank.

Read also: AN OPEN LETTER TO JOHN DUMELO

The government has denied the allegations of intentionally collapsing banks.

The Central Bank in many communiqués has explained that the banks and other financial institutions that have gone under since 2017 did so as a result of liquidity challenges, mismanagement and in some cases criminal violations.

“In the case of Sovereign Bank Limited, as part of Bank of Ghana’s investigations into the failure of Capital Bank Limited (currently in receivership), it emerged that Sovereign Bank’s license was obtained by false pretenses through the use of suspicious and nonexistent capital,” the Bank of Ghana boss, Dr. Ernest Addison stated at a press conference.

Seven of the collapsed banks have since been merged to form the Consolidated Bank Ghana Limited.

Two of them, Capital Bank and UT Bank were absorbed by GCB Bank.

The Ghana Amalgamated Trust (GAT) was set up recently to help recapitalise five well-managed banks who have been unable to meet the new capital requirement of GH¢400 million.