The Member of Parliament for North Tongu in the Volta Region, Mr Samuel Okudzeto Ablakwa has said the Akufo-Addo government has got its policies wrong.
The MP was speaking in an interview with Benjamin Akakpo on the Executive Breakfast Show (EBS) on Wednesday, 4 December 2019.
His comments follow the recent financial sector cleanup carried out by the Bank of Ghana (BoG) which led to the collapse of some financial institutions and the loss of jobs.
The exercise resulted in the collapse of nine banks by the end of 2018 after the regulator reviewed the minimum capital requirement to GHS400 million from GHS120 million.
The collapse of the nine local banks birthed the Consolidated Bank Ghana (CBG) Limited.
The BoG, on Friday, 16 August 2019, also revoked the licences of 23 insolvent savings and loans companies and finance houses including GN Savings and Loans belonging to businessman Dr Papa Kwesi Nduom. Prior to that, the licences of over 347 microfinance companies had been revoked by the regulator.
The central banks’s action was taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.
The Bank of Ghana appointed Mr Eric Nipah as the Receiver for the specified institutions in line with section 123 (2) of Act 930.
The MP, however, noted: “This government has got its policies wrong; you see, in policy implementation, you must choose the option that will be less biting, that will be humane, that will not affect the maximum damage on your people, on your economy, on indigenous businesses”.
“What we have done now, really, is an assault on indigenous businesses”, the opposition lawmaker said, adding: “Many Ghanaian entrepreneurs are wondering whether it is worth it to have faith in Ghana to invest in Ghana”.
“I mean, look at the pedigree of some of the people, the likes of Dr Papa Kwesi Nduom; he doesn’t belong to my political party. The likes of Dr Duffuor. These are people who have dedicated their entire lives to building brands, to helping families, creating opportunities for young people, opportunities which are scarce. Look at how many of our kith and kin die trying to cross the Mediterranean”.
Mr Ablakwa also emphasised the need for politicians to make a conscious effort to create opportunities for young people in the country.
“I’m talking about across regimes, that there ought to be conscious efforts by [those of us] in the political class to rather create opportunities for young people. Policies like this, this inhumane so-called financial sector cleanup, which has not been done even fairly, objectively, you see clear cases of witchhunt, of selectivity”, he asserted.