What Justifies Ken Ofori-Atta's Purge Of The Banking Sector, Which Resulted In License Revocation?

In 2017, shortly after the NPP government took power, the Akufo Addo-Mamudu Bawumia administration decided to purge the banking industry, a decision by Finance Minister, Ken Ofori-Atta. If Ofori-Atta is a qualified banker, he should have known of the repercussions of his actions in a developing nation. In total, eight financial institutions were affected and owners’ licenses revoked, but nobody realized that this would be one of the elements leading to Ghana's economic collapse.

Ghanaians have observed administrations come and go, even though, corruption exists in both industrialized and developing nations, but have never seen the type of government that is currently in office. Widespread corruption, money laundering, selling of government properties, and engaging in financial crimes with Ernest Addison, the governor of the Bank of Ghana, in illegal money printing, led to the loss of over GHC 60 billion, and debt totaling GH658.6 billion with impunity.

Financial institutions serve as middlemen between savers and borrowers. Therefore, by receiving deposits and subsequently lending these monies to people, companies, and governments, banks enable the flow of capital. The technique aids in mobilizing savings and directing them toward profitable ventures, promoting economic expansion; consequently, only fools or non-banking professionals like Ken Ofori-Atta will decide to collapse banks that are struggling rather than saving them.

When one digs deeper into the reasons behind the closure of the impacted banking institutions, it becomes clear that the government intentionally destroyed them so that the private owners would suffer. Ken Ofori-Atta, who is the owner of Data Bank, wouldn’t like to tolerate any competition. The government claimed to have used GH¢21 billion to destroy the banks, although the amount those banks needed to survive was less. This is another factor that suggests the banks were deliberately destroyed.

The demise of Ghana's economy, businesses, and investments has deep roots in the NPP’s careless spending, lack of discipline, poor management, and pervasive corruption. The government has stolen more money than any other government, thus; Ghana shouldn't have gone for an IMF bailout. However, to cover up their financial crimes, they cleverly blamed the impact of COVID-19 and the conflict between Russia and Ukraine. Akufo Addo came to add corruption to the Constitution.

Belgium is home to an immense number of private and public banking organizations. However, over ten years ago, one of the banks, "Dexia," started to have management issues that negatively impacted its financial standing. The government intervened to save the business, and today, Dexia Bank, now known as "Belfius Bank, “is among the top banks in Belgium. This relates to what I just said; any knowledgeable Ghanaian will recognize the effects on the country's economy if eight banks are forced to close.

Ghana is an extremely wealthy country with abundant resources, including gold, diamonds, bauxite, oil, and cash crops like cocoa. However, the people have suffered greatly as a result of a deceptive regime and the influence of tribalism. There is no progress or hope for the suffering masses, as everything has collapsed. However, many in the country rely on the NPP's corruption to survive, enabling them to tell Ghanaians that Bawumia, the failed vice president, will make a good president.

When the former finance minister, Ken Ofori-Atta, assumed office in 2017, he implemented some strategies and plans to fortify and grow his financial empire at the expense of other companies he views as competitors or those that do not align with his political party, the NPP. It all began when his company, Databank, won significant government contracts that more deserving competitors were unable to secure and to enjoy that monopoly, he declared war on bankers he considered as threats.

The fact that Akufo Addo, Mahamudu Bawumia, Ken Ofori-Atta, and Ernest Addison engaged in financial crimes to destroy the nation's economy, businesses, and investments, then laid the blame on COVID-19 and the Russia-Ukraine war to seek a bailout from the International Monetary Fund, and steal the COVID funds are unacceptable. The government’s debt restructuring plan tortured Ghanaians mentally and sent pensioners to an early grave. Why do Ghanaians continue to give support to such a government?

Considering that Mahama is intelligent enough to understand that the collapse of the eight banking institutions was one of the factors that precipitated the nation's economic collapse, I think it makes sense to me if he claims that, upon taking office, he will give back the licenses of the impacted banks to its owners to begin operation.