An NDC government will return collapsed banks to its owners – MP

An NDC government will return collapsed banks to its owners – MP

- The MP for Bolgatanga Central, Isaac Adongo, has assured the shareholders of the collapsed banks that their properties will be returned to them

- He explained that an NDC government will ensure that they get back their banks

- He however added that proven cases of illegalities are exempted and will be investigated

The Member of Parliament (MP) for Bolgatanga Central, Isaac Adongo, has given an assurance to the shareholders of collapsed banks in Ghana.

Expressing his solidarity with the owners such businesses, he stated that the attempt to describe them as thieves was uncalled for and amounts to "adding salt to injury."

Speaking at a forum on the banking crises, he added that although the challenges facing banks were encompassing, the government and the Bank of Ghana (BoG) singled out the directors and the shareholders for the fate of the banks.

A man seated in a chair

Isaac Adongo, MP for Bolgatanga Central Source: Graphic.com.gh

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This, he said, was unfortunate, and amounts to an attempt to stifle the spirit of entrepreneurship among Ghanaians.

As a result, he said, a National Democratic Congress (NDC) government will not hesitate to return assets of the collapsed banks to their owners "unless they are found to have committed some tangible illegalities."

The shareholders of the seven banks, he went on, should be assured of fair treatment when the party comes to power.

He also stated that the government's indebtedness to the collapsed banks, the involvement of current directors of Consolidated Bank with the now defunct banks and the choice of collapse over bailout as issues that raise flags about the genuineness of the decision to collapse the banks.

In August, the BoG announced that the GCB Bank had assumed the assets and liabilities of two banks, UT Bank and Capital Bank.

A year later, the BoG again announced the merger of five banks Beige, Royal, Construction, Sovereign and uniBank.

The new bank, Consolidated Bank of Ghana, has assumed the assets and liabilities of all the five banks.

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