The Member of Parliament for Tamale Central says the Bank of Ghana (BoG) has no moral right to shift blame and responsibility.
According to Inusah Fuseini, the Central Bank has failed to be effective regulators over the financial sector for so many years and therefore could not fathom why the BoG is now blaming the financial institutions for not protecting or misusing the deposits of depositors without recourse to financial propriety.
Speaking on Joy News’ AM show, Mr Fuseini believes the short therapy that the BoG applied “was what led to this debilitating situation that we find ourselves in.
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“I have difficulty with BoG’s approach. The Central Bank has been unfair in closing down these financial institutions and so why shift blame when you failed to do the right thing? BoG’s failure to do due diligence has led us to the present state which we are, catastrophic and disastrous even to the extent that many people are committing suicide,” he said.
The BoG last Friday revoked the licenses of 16 savings and loans companies and seven Finance Houses for being insolvent.
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But, Mr Fuseini said during their regime the best way they thought was to tighten regulation to beef up management of those banks to ensure that the efforts of the indigenous banks were contributing to the development of the economy.
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To him, the BoG could have looked at the case separately to logically determine the merits of those cases.
Source: Adomonline.com | Dorcas Abedu-Kennedy
