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Gov’t rubbishes suggestions it deliberately collapsed financial institutions

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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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Source: citinewsroom.com

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General News

Minority Walks Out Of Parliament, Boycotts SONA2020

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The Minority in Parliament on Thursday, February 20, 2020, staged a walkout of the Parliament house after President Nana Akufo-Addo entered the main chamber to address the legislative arm of Government on the state of the nation as demanded by the constitution.

There have been walkouts staged by previous minorities including the NPP on different issues but this one is the first time in the history of Ghana’s politics any side has boycotted a SONA address by a president.

Cladded in all black, they waved placard with the inscription “Free and fair election is not negotiable” while others chanted “bye bye ooo, bye bye ooo” to show their disappointment in the president as they took they are exited the parliament house.

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Watch the video below;

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Coronavirus: Stay In China, We’ll Send You “Shito, Gari And Kenkey – Gov’t To Stranded Ghanaian Students

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The Minister for Health, Kwaku Agyemang Manu has announced that the government is ever ready to shiploads of Ghanaian staple foods like “shito, gari and kenkey that can last over 2 weeks without going bad”, to the over 300 Ghanaian students who have been trapped in the Chinese province of Wuhan after the outbreak of the Coronavirus disease.

The decision of the government comes after the advice by the Ghana Health Service to the Health Ministry that shipping stranded students into the country “is not an option for now”, despite calls by the students through the China chapter of the National Union of Ghana Students for government to evacuate them from China.

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Speaking in an interview on Okay FM, Mr Agyemang Manu said, “ Ayorkor (Foreign Affairs Minister) was angry that, when she sent people to buy the shito, they came back to say one bottle costs GHC 80, so she won’t buy that shito, but would personally go to market to buy some at a cheaper price; so we are thinking of them; day by day we are talking with them”.

 

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First Ambulance Commissioned By Akuffo Addo Involved In An Accident

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One of the newly commissioned ambulances of President Akuffo Addo just got involved in an accident in Accra.

A social media user who was at the scene took to Facebook to recount how the accident occurred.

Sharing a photo from the scene in a popular Facebook group, Tell It All, he wrote;

“So this trotro driver hit one of the ambulances that was commissioned today? Ok, let me drink my water and come wai”.

President Nana Addo commissioned and distributed 307 brand new ambulances this year.

Sharing photos from a special ceremony, he wrote;

“On Tuesday, 28th January, 2020, I commissioned and presented 307 brand new, state-of-the-art ambulances, fitted with advanced life support equipment and tracking devices, to be distributed to 275 constituencies, i.e. 1-Constituency-1-Ambulance, to be managed by the National Ambulance Service, and the remainder of 32 ambulances to the headquarters of the Service. This is the single largest presentation of ambulances made to the Ghana Ambulance Service, since its establishment in 2004.

As against the scenario whereby 1 ambulance served approximately 524,000 people at the end of December 2016, today, we have a much-improved ratio of 1 ambulance serving approximately 84,000 people.”

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