OSCAR YAO DOE RESPONSE TO PRESIDENTS ANSWERS ON BOG SCANDALS

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Chairman of Doscar group holdings Oscar Yao Doe reacts to President Akuffo Addo’s response on banking scandal at the just ended meet the press. He outlined some points.

My first point: the number of collapsed banks in ghana are not 9 mr president kindly check records from bank of bank. Your government collapsed 11 commercial banks owned by Ghanaians namely: 1. Royal bank, 2, Construction bank, 3, Sovereign bank ,4. Beige bank, 5. Ut bank, 6. Premium bank, 7. Capital bank,8 Unibank, 9,Gn  bank,10. Heritage bank ,11. Energy bank was allowed to be taken over.

Second point: the number of depositors of the 11 collapsed banks are not 4.6 million depositors as claimed by mr president, kindly check the records at Bank of Ghana, there were less than 2 million depositors with those 11 banks with total deposits of less than 7 billion Ghana cedi, and the total assets of the 11 collapsed banks were above 12 billion Ghana cedi, and this is excluding the amount the government of Ghana were owning those indigenous banks.

Third point: the president also failed to addressed the 21 billion Ghana cedis used earlier for same purpose. The justification for additional 15.6 billion Ghana cedis was not addressed: where did they found the money? From? No breakdown of disbursements.
It’s not accurate the decision to collapsed the banks were not thought through properly, it was made based on personal vendetta and wickedness, which has backfired on them.

He concluded by adding that, it doesn’t make sense to used 21 billion ghana cedis, plus additional 15.6 billion ghana cedis to collapsed ghanaian owned businesses. It’s madness. The us government, European commission made wise decision in 2007/08/09 to saved their banks which were going through financial crisis.
It’s not wise to give ghanaian banks only one year to recapitalise, because developed country such as New Zealand gave their banks seven years period to recapitalise and starting from 2020.

“Tearing down many Ghanaian owned banks with cooked audit report by Nii deceiver Dodoo of KPMG without any third party verification, authentication,and confirmation ,cannot be justified by a press conference”, Time will tell. He added.

 

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