On the Noise about the “14 Billion Cedi Bailout” – What You Ought to Know
In recent times, the behaviour of some brothers and sisters, supposedly knowledgeable and thought to know better, has left me in perpetual sadness, if you like. That for a relatively reasonable human being to exhibit mediocrity and loud emptiness because of worthless reasons that do not qualify to be given a thought is worrying. Let me state that the banking crisis was the result of bad fiscal policies and unmonitored activities within the financial sector, which allowed unscrupulous people to take advantage, ultimately denying the Ghanaian a better life.
I have heard some noise being made about a “14 billion Ghana Cedi” bail out, which some quarters claim were unaccounted for. For the purpose of brevity, let me be concise in my deliberation. You see, the banks, especially the State banks, were on very shaky grounds. In fact some had crumbled and were left to wriggle silently like a slain sheep. With no money in the coffers, John Mahama having used all resources to finance his profligate government and satisfy his caprices, the banks were more like a sitting duck waiting for the cowboy to blast his last bullet into its head.
Some Managing Directors were under pressure to release funds to grease John Mahama’s campaign and other acts of dishonesty. The English call that, “malfeasance”, which extends to “misfeasance” that ultimately is consumed by the most serious of the three under the term, “nonfeasance”!
The birthday boy (7th November was his 60th), Hon Minister of Finance, Ken Ofori-Atta, had no choice than to clean up the sector. With a very competent Governor of Bank of Ghana on his side, Dr Ernest Addison, he set out on the difficult campaign to sanitise the system. He boosted Ghana Commercial Bank with the takeover of Unique Trust (UT) Bank and Capital Bank. He deemed the Managing Director, Ransford Sowah, competent enough to handle the load. He was spot on! This move saved thousands of customers from collapse, in spite of the fact that some jobs were lost. In as much as I empathise with those whose jobs were affected, I pray that they do understand that such a bold step to salvage the nation invited necessary sacrifice, as we all did and continue to do. They will be blessed to have found themselves in the fight to make Ghana great again.
Then came the other banks that were setup mostly by false documentation and fake bonds. They were sanctioned and closed down. The Consolidated Bank was formed to absorb the accounts of customers who would have suffered a horrible end had the Akufo-Addo intervention not come about. The Hon Minister, Ken Ofori-Atta, with his competent lieutenant, Dr Addison, put measures in place to finally settle the fiscal tsunami.
Unfortunately, we have a lousy opposition that is lost for common sense and ideas to write a manifesto, force a press conference on every issue to the chagrin of all. You’d have wished they spoke intellectually, but when you have such useless urchins trying to stage a comeback to undo the better Ghana that our nation has become under Akufo-Addo, we can only vote them back into the trash of history where their bankruptcy of morals, dignity, patriotism, and humanity will be written with the rot of their abode.
A few days ago, it was announced that all the customers affected by the mergers and takeovers will be paid in full. I can promise you based on pure belief that had the NDC conducted such a cleanup, it would have made things worse, much like wiping dung with a wet cloth that only spreads it across a bigger area.
So those asking for accountability of the 14 billion Ghana Cedi bail out, it went as follows:
- Revamping of the shaky State banks
- Paying outstanding debts owed in the financial sector
- Preparing the grounds for the onward reimbursement of funds to affected customers
- Creation of monetary buffer zone to stabilise the economy.
The problem is that many people feign knowledge about the economy, but cannot spell out the issues, more like a nursery child asked to read an encyclopedia. This comparison is very true especially that most of those playing economist can hardly get the answer to a test question like 1+1 right. Let the figures in the “scary alternative”, the NDC, listen attentively to Gabby Asare Otchere-Darko. Maybe in his deliberations and explanations they will find an antidote to their blindness, dumbness, and foolishness!!!
Dear Hon Minster, Ken Ofori-Atta, Dr Addison, continue the excellent work. You have been recognised the world over. I do not think that the IMF is as stupid as the NDC otherwise they would not have voted Dr Ernest Addison Chairman of the Board.
By Fadi Dabbousi