Saturday, August 17, 2019

'Why BoG's Decision To Take Down Many Indigenous Banks Is Not Right' - Oscar Doe

Doscar Group Chairman, Oscar Yao Doe (King Oscar) has yet again voiced his opinion on the recent decision taken by the Bank of Ghana to revoke the licenses of some indigenous Savings & Loans banks in the country. 

He challenged the President, Nana Akufo Addo, the Ghana Parliament and other key stakeholders to rise to the occasion and arrest the situation to avoid future economic jeopardy.

Read his statement below..

My opinion on this subject is not new. I have said several times drectly to the President, H.E @nakufoaddo @rakufoaddo and at my meetings With KPMG & Nii Amanor-Dodoo. So, it's not new. Maybe I mm writing publicly for posterity to judge.

And please, this opinion has nothing to do with my displeasure towards KPMG, Nii AMANOR-DODOO & BOG concerning my own dealings with them. No Mix-ups, my mind is always clear, (because) I am very large in my reasoning.

The reasons why I believe BoG's decision to take down many indigenous banks is not right are as follows:

In 2008, when the banks in the USA were going through financial crisis due to the subprime mortgage crisis, The Then US Treasury Secretary ( Finance Minister) Henry Paulson proposed the Emergency Economic Stabilization Act of 2008, also known as the Bank Bailout. The Act created a 700 billion US Dollars Troubled Asset Relief Program to purchase off toxic assets from the banks.

The funds for purchase of  distressed assets were mostly redirected to inject capital into the banks and other financial institutions, while the US Treasury (Finance Ministry) continued to examine the usefulness of targeted assets purchased from the banks.

The above example is classic and larger-than-life reasoning. The political class at the time were thinking only about the economic health of America, for the future, and not for their personal vendetta!

(In the case of Ghana) I believe wisdom is needed to apply compassion, forgiveness and consideration in giving a second chance to the affected companies to regroup; for the sake of our collective economic prosperity.

What is going in Ghana in recent years is sad. (Vital) decisions are made in (manners like) 'We Will Show You We Have Power" So We Shall Use OUTDATED Laws & Acts in Our Books To Show You Peper!

Are we a serious country in this 21st Century? Where are the thinkers W' with PHD & Master's degrees? Where is the leadership @nakufoaddo? Where is our parliament,? Where is the Christian Council, the Islamic Council, our Civil Society and our independent media? Everyone has gone to sleep with the mindset of fear! Fear (of) what exactly? No one cares!

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