Banking sector clean-up is the biggest financial scandal – Edudzi Tamakloe

A member of the National Democratic Congress (NDC) communications team Edudzi Tamakloe has described the Banking Sector cleanup as the biggest financial scandal to happen to Ghana.

After the Nana Addo Dankwa Akufo-Addo government took over power, several banks and financial institutions had their licenses revoked.

According to the government, it was a move to save the deposits of clients of the various struggling local banks.

As a result of the clean-up, several local banks folded up while others were taken over by the government and merged.

Speaking on the cleanup on Accra-based Joy News Edudzi Tamakloe indicated that it’s the biggest financial scandal to happen in the West African country.

Edudzi Tamakloe said if the cleanup process is audited, it will send shocking waves down the spines of countless people.

“Look, if we decide to audit the so-called Banking sector clean-up, what we will unravel will shock everybody,” he said.

“Pricewater House and all of those did what they call spread test, asset quality review and based on that the world bank and the IMF advised the previous administration to help promulgation the Bank Specialized Deposit Taking Institution Act in September 2016. It provided a legal basis to proceed with whatever intervention. Now, when the NPP government came and saw all these reports they adopted the approach of collapsing the banks…as for the law we all know engineering. In legal engineering, you can always engineer the problem. But I’m saying that by reason of this particular approach you have created a further problem to the economy’.

He explained that Ghana’s challenge with her economy is as a result of the government’s claim of spending over 25 billion on the banking sector cleanup.

Source: MyNewsGh.com