Founder and President of Concerned Voters Movement (CVM), Razak Kojo Opoku has applauded the Bank of Ghana’s efforts under President Akufo-Addo’s government to restore fiscal discipline and enforcement of Banking and Financial Laws of Ghana to protect customers’ monies from missing.
A statement signed by, Mr Opoku on August 14, 2017 indicated that when Merchant Bank was collapsing, the Bank of Ghana under former President John Mahama’s government sold it to a four months old Fortiz Private Equity Fund, which was an allegedly NDC-owned Company.
The statement further stated that unlike the Merchant Bank situation, the BoG has done the right thing in the Capital and UT Banks takeover by GCB.
Below is the full statement
The Bank of Ghana Under President Akufo-Addo’s Government Deserves a Big Round of Applause – CVM
The smooth takeover of UT Bank and Capital Bank by GCB under Purchase and Assumption (P& A) transaction is an indication that the current managers of the Economy is really thinking outside the box.
John Mahama’s government wasn’t thinking right and wisely, they could have adopted the Purchase and Assumption (P & A) Agreement to save all the monies belonging to the Customers of DKM, God is Love Fun Club, Jasta Motors, amongst others.
When Merchant Bank was collapsing, the Bank of Ghana under John Mahama’s Government sold it to a four-month-old Fortiz Private Equity Fund, an alleged NDC-owned Company.
Fortiz Private Equity Fund was incorporated in 2013 and went ahead to purchased Merchant Bank in the same year 2013 with no track record.
After the purchase of Merchant Bank by Fortiz Private Equity Fund in November 2013, their Board Chairman, Dr Kingsley Fletcher was again rewarded with an appointment from John Mahama’s Administration on 5th March 2014 as the first Chancellor of University of Professional Studies, Accra(UPSA) supervising Prof. Joshua Alabi (then as Vice-Chancellor of UPSA) who is now 2020 flagbearer hopeful of the NDC.
UT Bank and Capital Bank started collapsing during John Mahama’s Administration due to the poor management of the economy. From the officials of these two Banks and from the records of Bank of Ghana, UT Bank and Capital Bank were on life support for survival since 2015.
But thanks to the wise decision by Bank of Ghana under President Akufo-Addo’s government to restore financial discipline, enforcement of Banking and Financial Laws of Ghana, and protect the monies of Customers, GCB, Government-owned Bank has taken over these two distressed Banks such as UT Bank and Capital Bank through Purchase and Assumption transaction.
GCB has been in existence since 1953 unlike Fortiz which was four months old when it acquired Merchant Bank.
The competence of NPP Government and incompetence of NDC Government is crystal clear for sound Ghanaians to differentiate between the two.
Razak Kojo Opoku
(CVM Founder & President)