To say Akufo-Addo caused banks to fail is absurd -Oppong-Nkrumah slams

To say Akufo-Addo caused banks to fail is absurd -Oppong-Nkrumah slams

Kojo Oppong-Nkrumah, the Minister-designate for Information, has rejected claims that the presidency of Nana Akufo-Addo is the cause of the banking crises local banks face at the moment in the country.

According to him, it is not reasonable to blame the President for the local bank crises

The point has been made by members of the public and even politicians that a poor management of the economy is the reason banks were failing. As such, President Akufo-Addo has been blamed.

But the minister referred to these accusations as "absurd" according to a report YEN.com.gh sighted on Mynewsgh.com. Nkrumah argued that these banks were already on their knees before the new government came.

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Kojo Oppong Nkrumah reportedly said in an interview: “The collapsed banks on paper had already folded up and were on emergency liquidity assistance.

These banks were being given emergency liquidity assistance by the Central because they were found to be nonperforming.”

He further stated that the central bank was forced to pay the salaries of the workers in such banks. The mess, according to him, could not reversed and this forced the Bank of Ghana to take a desperate decision.

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Oppong-Nkrumah in closing, said that if the BoG had refused to pay the salaries of the workers back then, the issue of job losses would certainly have been more severe than Ghanaians have it now.

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Source: Yen.com.gh

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