Depositors who have their monies locked up at the newly formed Consolidated Bank should be assured that their monies are in safe hands, Western Regional Minister, Hon. Kwabena Okyere Darko has said.
He said the government in its quest to protect the investment of depositors, had to halt the activities of these banks since they were using the money for their own projects contrary to the banking rules.
“I am telling everybody here that government has put these financial institutions on a sound footing, and depositors will soon have access to their money,” the Minister assured.
Hon. Kobby Okyere Darko, who is also the MP for Takoradi, was addressing a conference by the Western region Women’s Wing of the NPP at Bogoso in the Prestea-Huni Valley District of the Western Region
He disclosed that the GN Bank, led by Dr. Paa Kwasi Nduom, used about 80 percent of depositors’ money to finance his own projects leading to the banks’ insolvency, which resulted in government intervening to regulate their activities. He added that the other banks that have been consolidated also misappropriated funds given to them by the Bank of Ghana to help solve their liquidation challenges.
“You are women and you can explain, better, the reason why GN Bank has collapsed. Look, Dr. Nduom used about 80 percent of depositors’ money for his personal business, and later complained that the government has not paid contractors who borrowed from the bank to work for the country,” he said.
Hon. Okyere Darko urged the women’s wing to be good ambassadors of the NPP by selling the policies of the government, and also play down the falsehood being peddled by the NDC that government is collapsing banks.
“This is propaganda peddled by the NDC that the NPP government is collapsing the banks, which as a party, we have to let people know that it’s false, and a tool by the opposition to make the government unpopular. No amount of money will be lost, and there is no cause for alarm,” the Minister intimated.
By: Nana Yaw Kumi/Skyy Power FM/Takoradi