The Minister of Finance, Ken Ofori-Atta has quoted Bible verses to critics who say the collapse of some nine banks was needless and politically motivated.
Referring to James 2:10, the minister said “let mature Ghanaians be quick to listen, slow to speak, and slow to anger.”
The central bank’s financial sector reform programme implemented from 2017 continues to remain controversial.
In the reforms, 347 microfinance companies, 39 microcredit institutions, and 10 finance houses had their licenses revoked.
The nine (9) banks which were closed down were mainly indigenous banks. Prominent among them was UT Bank, Unibank, Capital Bank, and Beige Bank.
Currently, some bank CEOs, Directors, and Shareholders are standing prosecution over their involvement in the closure of the banks.
A record closure in Ghana’s history which regulators and government have insisted was necessary to protect depositors and sanitize and strengthen a poorly regulated sector.
So far, the clean-up has cost the government 21billion cedis.
But the latest to raise questions about the decision has been the founder of Perez Chapel, Bishop Charles Agyin-Asare.
The man of God during one of his sermons in church blamed politicians for the collapse of some Ghanaian businesses. Urging congregants to pray against the ‘demon’ that makes politicians collapse local businesses when they win power, Bishop Agyinasare stated that the collapse of such enterprises were motivated by jealousy.
“Can we say that all the industries and firms we have closed under this regime were because all the people and companies were wrong? And we could not have done anything to have preserved these companies? I have been asking myself, so for Mr. Duffuor who used to be Finance minister and one time Governor of the Bank OF Ghana under whose turn as minister we had the best economic growth rate; 14% in a particular year, was there nothing we could do with his bank?
“What about Dr. Ndoum who introduced or expanded susu banking and had branches than any commercial bank in Ghana and more customers, then my own Amoabeng who helped me grow my first $100,000 through investment which I gave to the church as part of the contribution towards the building of the Dome. Could nothing have been done to save those Financial institutions? There are some financial institutions whose owners were rogues and careless and so yes; but these ones,” the man of God told his congregants.
But presenting the Mid-Year Budget Review and Supplementary Budget in parliament on Thursday, the Finance minister had words for critics.
Ken Ofori-Atta said critics should not “stand on the staple and proclaim untruths.” He then supported his statement with a Bible verse.
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