Banking crisis: Oscar Doe blasts Ofori-Atta
Oscar Yao Doe, the Chairman of Doscar Group, has yet again brought to questioning the personalities of Finance Minister; Mr. Ken Ofori-Atta, Governor of the Bank of Ghana; Ernest Addison and Nii Amanor Dodoo; a former principal partner at KPMG Ghana, for their roles in the banking crisis in the country that led to the collapse of some indigenous financial institutions and local companies.
In his latest post this morning, HRH Oscar wrote:
“GHANA’S HISTORY BOOK SCORECARDS: 2017-2019
History book scorecard will consider Ken as the man who declined to pay debts that Ghana government owed to local banks during Prez John Mahama’s era. Paying off these debts timely could’ve helped local banks to improve their liquidity position. He could have also made a decision to buy back the adb shares favouring uniBank, to improve the bank’s liquidity. Was it done deliberately? Only time can tell.
Gov. Ernest Kwamina Addison: Bachelor of Arts (University of Ghana; 1982-86). Masters of economics (Cambridge University; 1987-89). Doctor of Philosophy (PhD) degree in economics, Mcgill University. ,his (PhD) dissertation was done under the direction of John Kurien.
History book scorecard (will have it that): he misjudged and failed to see the bigger picture for Ghana’s economic prospects where everyone is taking on board, regardless of liquidity challenges. Their businesses may have been going through because of lack of supervision from the bog itself. He failed to apply the European Commission or the US model to bail out Ghana’s local banks and then put in new stringent measures (tight regulations and laws) with strong supervision.
Nii Amanor-Dodoo: Member, Institute of Chartered Accountants, Ghana. Member, Institute of Chartered Accountants, Nigeria.
History scorecard: Amanor should have been bold to tell the bog let’s do stress tests instead of audit to ascertain the true picture of their financial needs, (and) then follow up swiftly with massive bailouts like what the Europeans and the us government did for their own banks having similar challenges in 2007/2008/2009.
My scorecard on the 3 personalities:
They lack vision and love for country. They were short-sighted and chose outdated mindsets.
In the 21st century, unless many people succeed along in your system, the effect on everyone could be severe! The world has evolved. That’s why it’s critical to use machinery of government to shiwt compassion on every decisions making situation. To stand the test of time.”