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Who are the “Unseen Hands” Manipulating the Bank of Ghana?

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There are serious speculations that the recent revocation of licenses of certain banks by the Bank of Ghana is a result of direct manipulation by “Unseen hands” from the Ministry of Finance and the upper echelon of the ruling government.

In its latest clampdown, the BOG announced the revocation of Heritage Bank and Premium Bank, explaining that some of their directors were “unfit” to run the banks.

The central bank and the Finance Ministry quickly set up a GHc 2 billion Special Purpose Vehicle (SPV) called the Ghana Amalgamated Trust (GAT). BOG has refused to name the individuals behind this controversial GAT despite claiming that it has done due diligence on the directors and they were all clean. The central bank has also refused to list the supposed pension funds pooling resources for the GAT.

A recent interview, by Joy FM, of the Deputy Governor of the Bank of Ghana, Elsie Awadzi, exposed how the BOG’s hands were tied. The details of the GAT is shrouded in secrecy.

Recently, the Heritage Bank revealed how they believed the revocation of their license was not a normal BoG standard operations.

According to an angry board of the Heritage bank in a statement released recently, the Bank of Ghana had had extensive discussions with them and they had even given the central bank proof of funds from a potential investor of the bank who was on the verge of pumping money to shore up the capital base of the bank.

According to Heritage Bank, the BOG had satisfied itself as a solvent bank, yet pulled a surprise on them by announcing the revocation of their banking license without prior warning.

Meanwhile, the opposition National Democratic Congress (NDC) has reinforced the perception that the action of the BOG is a victimization agenda. In a statement issued on Tuesday, it described the entire banking reform exercise as a “disastrous polarization and victimization” of Ghanaian businessmen.

“The NPP Government must be reminded that these businessmen or women are first Ghanaians and their businesses employ the citizens of our great nation”, the statement read.

Source: Whatsup News

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