The Progressive People’s Party (PPP) has said the banking sector clean up which resulted in the closure of banks belonging to prominent Ghanaians is part of a scheme by President Akufo-Addo to collapse businesses belonging to his opponents.
The Party, in a statement on Monday said the closure of financial institutions like GN Bank and Gold Coast Fund Management belonging to flagbearer of the PPP, Dr Papa Kwesi Nduom, as well as UniBank belonging to Dr Kwabena Duffuor of the National Democratic Congress is a clear indication that the NPP-led government is on an expedition to ‘harm’ their opponents’ businesses.
“We had dismissed portions of a plan widely circulated ahead of the 2016 election which indicated that, should then candidate Nana Addo Dankwa Akufo-Addo of the NPP win the election to become President, businesses belonging to opponents such as Dr. Kwabena Duffour, and Dr Papa Kwesi Nduom would be “cut down to size”. We now know that there is fire beyond that smoke,” the statement indicated.
The BoG last year revoked the licences of 23 insolvent savings and loans companies and finance house companies, including the PPP flag bearer’s GN savings and loans company over their insolvency.
In attempts to challenge the decision by the central bank, the Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, sued the BoG and two others over wrongful declaration of his financial houses as insolvent.
The case is still in court after almost a year.
Reacting to the delay in the suit filed by Dr Nduom, National Secretary of the PPP, Paa Kow Ackon, said some actions of the Bank of Ghana and the Finance Ministry have convinced them of the political motivation behind the closure of the bank.
“Over the past two years, we have restrained ourselves as a political party from getting involved in what we considered to be corporate affairs, separate from politics.
“However, the legal gymnastics by lawyers of the Bank of Ghana, Ministry of Finance and their collaborators in the ruling government, to unduly delay and orchestrate the denial of justice in the GN Bank case before the courts, have convinced us that the closure of GN business interests is politically motivated and must be seen as such, without prejudice to the proceedings in court.”
The statement further added that “when indigenous Ghanaian businesses are collapsed by an administration that promises a “private sector-led economy” and their places are taken by foreigners and associates of the ruling party, our interest is spiked.”
The Party served notice notice that “we will not take these assaults on our human rights and economic freedoms lying down” adding, “As a party, we are wide awake and will resist the oppressors’ rule with all our will and might forevermore.”
Read the full statement below: