AUDIO: Banking sector shrinking under Akufo-Addo– Sammy Gyamfi

A communication team member of the National Democratic Congress (NDC), Sammy Gyamfi, says Ghana’s banking sector is dwindling under the Akufo Addo government.
Sammy Gyamfi’s comment follows Bank of Ghana’s decision to hand over uniBank to management of the financial outfit to KPMG.
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Dr. Ernest Addison, Governor of the Bank of Ghana, announced on Tuesday that the central bank has appointed audit firm, KPMG, as administrator for uniBank.
Reasons given for the takeover, as communicated on Tuesday evening included uniBank’s refusal to cooperate with the Bank of Ghana in the performance of its supervisory responsibilities, including deliberately concealing some liabilities from its balance sheet and failing to submit documents and records for supervisory inspection.
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“The bank has failed to submit its monthly returns to the Bank of Ghana for January and February 2018, and as a result Bank of Ghana has no evidence to suggest that its CAR has been restored to the regulatory minimum of 10%,” a statement from BoG read.
But reacting to the issue on Adom TV’s Morning Show “Badwam” Wednesday, Mr Gyamfi said government is to blame for the misfortune.
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He indicated that the development will put immense pressure on the economy despite assurances from the Bank of Ghana that savings of customers of uniBank are safe.
He said the situation will rather drive away investors from the country.
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“It’s unfortunate for BOG to take such a decision when it was indeed supposed to do that long ago. Government should be blamed for such misfortune because this issue will only drive away investors, a situation that is bad for an economy like Ghana. In fact, the banking sector under Nana Addo is really shrinking”, he said.
Mr Gyamfi noted that the unprofessional manner in which the Bank of Ghana dealt with the issue has further destroyed the reputation and credibility of the central bank and government.