Anchoring Democracy Advocacy Movement Ghana ADAMGH with the motto “the voice of ADAM GH is the voice of the people” has taken on the vice president of the Republic of Ghana for no bank syndrome in the North East Regional capital Nalerigu.
The executive secretary of ADAM-GH Mr. Azubila Salam Emmanuel said Nalerigu is a Regional capital of North East Region, the home town of Dr. Mahamoud Bawumia the vice president of the Republic of Ghana. It is unbelievable that the Regional capital of the vice president has no single bank despite the fact that banking services is key so far as economic development in communities and community reinvestment obligation of financial institutions are concern.
Government has just announced a six hundred million Ghana cedis stimulus package to support small scale enterprises as COVID-19 relief fund. The question now is that, how will the people of Nalerigu North East Regional capital access this package since the process is mostly through banking system? Undoubtedly, we know that the role of financial institutions in national or community development can not be underestimated. If I am to remind Ghanaians, Mr. Osafo Marfo the current senior minister during the former president John Agyekum Kuffour’s administration was just the minister of finance but he negotiated and influenced the establishment of a branch of the National Investment Bank (NIB) in Akim Oda, his home town. ADAM-GH is amazed that, Dr. Mahamuod Bawumia a man who is a native of Nalerigu, our vice president of the Republic of Ghana, the Chairman of economic Management team and former Deputy Bank of Governor (BOG) who knows the economic impact of banking services to community development, can neglect his own people and subject them to this suffering and economic stagnation meanwhile, finance ministry and all other sectors works under him directly. We don’t want to believe that Dr. Mahamuod Bawumia is cheating the intelligence of Ghanaians that he is a solution to all economic problems in the country because, charity they say begins at home.
Economically, it doesn’t make sense for people from Nalerigu North East Regional capital to travel all the way to Northern Regional Capital Tamale which is 167 km from Nalerigu before assessing banking services. Other towns close to the North East Regional capital Nalerigu such as Sakogu and Nagbo have to spend the whole day to get to Tamale. Apart from Tamale, another option for the people of Nalerigu is to travel to Walwale which is 57 km where they can assess the services of Agriculture Development Bank (ADB) and considering the risk of traveling, arm robbery attacks and other factors just to access money is mind boggling. As global economic watchers who maneuvers to ensure better economic development as part of government’s economic and financial policy, it defeat economic logic that a Regional capital will exist without a single bank. The people of Ghana also look up to the government and her touted economists in the likes of Dr, Bawumia to provide economic solutions that will improve our economic foundations and growth in our various communities.
It is in this light that the good people of Nalerigu have begun asking questions about their economic faith as well as what has become of the numerous political promises they have been given by their own son (Dr. Bawumia) and his government. Nalerigu became the regional capital of the North East region of Ghana after the NPP led government created six more regions two years ago. As part of the government’s economic Android financial policy, the only “two banks” operating in Narilegu were GN bank which was closed permanently in line with new banking reforms and East Maprusi community Bank which is currently facing serious liquidity crisis rendering it nonfunctional. As a country, we are trying as hard as possible encouraging citizens to save money in our banking system which still has not seen the light of the day and yet we have a vice president who’s home Regional capital has no bank. Financial inclusion and education have remained a mirage in Nalerigu since the permanent closure of GN bank.
It is interesting to note that Ghana has generally low level of financial education and so almost all financially related operations ranging from:
(1) The payment of insurance premium meant for the protection of lives and assets
(2) Brokerage activities and fee payments
(3) Savings and or borrowing of funds
(4) Financial and credit advise.
(5) Contributions to pension funds and profit sharing arrangements; that intimately linked with Banking. It is obvious from the above deductions that Banking is the profession that provides for financial intermediation and thus, the absence of banks in Nalerigu has largely result in the lack of credit facilities and it’s resulting consequences of collapse of Small medium scale businesses, loss of jobs, low savings culture as well as low investment levels.
ADAM-GH thought that Dr. Mahamuod Bawumia the man who promised the whole Ghana heavens to improve our economic fortunes will remember that the people of Nalerigu await their share of the national cake for charity they say begins at home. It is time for Dr. Bawumia and his government to stop the political promises, vote seeking and turn to be real to the people of Ghana regarding the fortunes of our people.
AZUBILA SALAM EMMANUEL
EXECUTIVE SECRETARY ADAM GH.