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Gov’t rubbishes suggestions it deliberately collapsed financial institutions



Gov’t rubbishes suggestions it deliberately collapsed financial institutions

The government has rubbished suggestions that some of the financial institutions were deliberately collapsed by the state.

The Bank of Ghana on Friday announced the revocation of licenses of 15 insolvent savings and loans companies and eight finance houses.

But the move has been criticised.

Speaking at a news conference in Accra, the Information Minister, Kojo Oppong Nkrumah, said such arguments against the revocation of licenses are incoherent.

He reminded that the government placed a premium on job creation.

“This is an administration that is promising jobs and incomes for people. Why would such an administration be interested in deliberately closing down people’s businesses when it knows that in the end, it will have to answer for how many jobs that have been created or the net addition of jobs? It is not a coherent argument.”

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The minister also said sanitising the banking sector was a priority and that the “government will continue to provide funding to the Bank of Ghana to take action in that space.”

“This is how to resolve these matters. This is how-to protect the deposits of over one million Ghanaians and over Ghc 12 billion that has gone in there.”

Mr Oppong Nkrumah also acknowledged the potential job losses in the sector.

The Ghana Association of Savings and Loans Companies (GHASALC) estimates that some 2,000 employees of the 15 Savings and Loans Companies whose licenses were revoked by the Bank of Ghana will lose their jobs.

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Despite the expected losses, the minister assured that the government will continue with efforts towards job creation.

“For us, our answer as an administration is to ensure that we have a lot more growth and expansion in the broader Ghanaian economy so that all classes of persons who are unemployed will get jobs in the various aspects of the economy as it opens up.”

Previous action from the BoG to sanitise the banking, specialised deposit-taking institutions (SDI) and non-bank financial institutions (NBFI) sectors saw the licences of nine universal banks, 347 micro-finance companies, 39 microcredit companies or money lenders and two non-bank financial institutions revoked.

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Akufo-Addo won 2016 polls on corruption –Atik Mohammed



Campaigns on corruption about the erstwhile John Dramani Mahama administration is what won President Nana Addo Dankwa Akufo-Addo the 2016 polls, suspended General Secretary of the Peoples National Convention (PNC), Atik Mohammed has stated.

According to him on Accra-based Peace Fm monitored by, the Mahama administration appeared sloppy in the fight against corruption which was capitalized on by the then opposition New Patriotic Party (NPP) to win the last general elections.

“Akufo-Addo won the 2016 polls based on his campaign for corruption because the Mahama administration was perceived to be corrupt. Ghanaians voted for him because they wanted a change but if his administration is worse off than the previous one then there was no point”, he told host Kwami Sefa Kayi.

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The former PNC leader expressed disappointment that out of the many corruption allegations no single individual has been thrown into the cooler to show the commitment of the Akufo-Addo led administration in the fight against graft.

Then candidate Nana Addo Dankwa Akufo-Addo in 2014 stated categorically that enriching himself and family has never be his reason for being in politics.

In spite of his two failed attempts at the presidency at the time, he explained he was given it a third shot because he has dreamt about what the country’s destination ought to be, and wanted to take Ghanaians to that promised land.

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“I am not in politics to fill my pockets, to enrich myself or my family or to steal your money. That’s not why I am in politics,” he stressed, adding I am in politics because I have a vision and a dream of what this country can be and I want to work to make that dream possible. I am asking you to give me the opportunity, support me. Where it is necessary to criticize me, do not hesitate, point out when things are going wrong. Give me your positive enthusiasm and let’s go forward together. We can make it and make Ghana truly the Black Star of Africa,” he promised.

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We inherited a weak institution – EC boss



We inherited a weak institution - EC boss

Chairperson of the Electoral Commission (EC) Jean Mensah has disclosed that she inherited a very weak institution which was not founded on rules.

She’s also expressed worry about how the Commission was run as a free for all institution that lacked governance framework and was a subject of state capture by foreign elements.

“It is an institution that has is not founded on rules, is not founded on administrative policies, does not have a governance framework. We came into office and found out that we do not have a single policy to guide procurement, to guide finance, to guide human resource, nothing exists.

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“In a nutshell, the Commission has existed as an election machine, and over the year we have spent a lot of efforts to plug the loopholes to the best of our ability. It has been run as a free for all institution,” she explained.


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Asawase risks voting ‘skirt and blouse’ – Disgruntled NDC members



Asawase risks voting 'skirt and blouse' - Disgruntled NDC members

Some disgruntled members of the opposition NDC in the Asawase Constituency have vowed to vote ‘skirt and blouse’ in 2020 general elections.

They will change their only if national executives rescind their decision on Masawudu Mubarak’s disqualification.

The party members are discontented about the party’s functional executive committee’s decision to disqualify their preferred candidate to contest the parliamentary primaries.

The decision, they believe, does not reflect the interest of delegates in the constituency.

“The decision is disappointing and disgraceful,” says one of the disgruntled members, Akolgo Martin told Joy News’ Mohammed Nurudeen.

Mr Martin is among many others who claim delegates of the party in the constituency are angry because they have been taken for granted for far too long.

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They are threatening to vote against any candidate who will represent the party in the 2020 general elections.

Clad in red bands with frustration clearly written on their faces, they vow to boycott 2020 elections if their preferred candidate isn’t given the go-ahead to contest.

Gathered at the residence of the disqualified aspirant, Masawudu Mubarak to throw their continuous support behind him, Mr Martin said, “If our decision affects the party in 2020 they (national executives) brought it, especially Asiedu Nketiah.”

“They keep on imposing candidates on us,” Martin alleged.

“‘You cannot go unopposed like that. Let the people choose you,” Mariam Nuhu, one of the women’s branches organisers said.

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She said they would either boycott the 2020 elections or choose to vote skirt and blouse.

For them, it will only be prudent for the party hierarchy to change its decision and allow their candidate to contest.

The incumbent Asawase MP, Muntaka Mubarak will contest 2020 parliamentary elections on the ticket of the opposition NDC unopposed.

This follows the acceptance of a report by the Doe Adjaho Committee which was constituted look into petitions surrounding the selection of parliamentary candidates.

The NDC held parliamentary primaries nationwide but the elections were put on hold in five constituencies including Asawase.

Elections were later held in four of the constituencies leaving Asawase where some NDC members had filed a petition to the National Executive Council of the party.

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This follows their inability to file the nomination form of Masawudu Mubarick, the aspirant who is challenging the incumbent.

In a statement copied to Joy News, the party’s General Secretary, Johnson Asiedu Nketia said the issues have been settled and Mr Mubarak will now go unopposed.


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