The President of the Republic, Nana Addo Dankwa Akufo-Addo, has assured the Ghanaian people that “those responsible for the sequence of activities that led to the ‘banking crisis’ will face the full brunt of the law if they are found to have broken the law”.
According to President Akufo-Addo, “It is not right that the overwhelming majority of ordinary Ghanaians should pay for the actions of a greedy few, without sanction.”
President Akufo-Addo made this known on Saturday, 15th September, 2018, when he delivered a speech at the 80th Anniversary of the Presbyterian Boys’ Senior High School, Legon.
The President stated that “the so-called ‘banking crisis’”, and the collapse and subsequent consolidation of some indigenous banks have been caused by the cutting of corners, circumvention of the laws, flouting and non-adherence to regulations, apparently with the complicity of senior officials of the Bank of Ghana.
The inefficient and poorly managed banks, as a result, required the robust intervention of the regulatory bodies to prevent the infection of the banking sector with these acts.
As a result, under the rigorous leadership of the current Governor of the Bank of Ghana, Dr. Ernest Addison, the President indicated that a number of prudent measures have been taken to save and sanitise the banking sector.
“To protect the deposits of the seven defunct banks, the Government, through the Ministry of Finance, has had to issue bonds to the tune of some GH¢8 billion in favour of GCB Bank and the new Consolidated Bank, the banks that took over the operations of the seven failed banks,” he said.
The President continued, “This is in addition to liquidity support of some GH¢4.7 billion that had been provided by the Bank of Ghana to these banks over a period before their closure. In effect, GH¢12.7 billion of public funds has been injected into these seven banks, following their malfunction.”
Depositors’ savings, he said, have been safeguarded, job losses have been minimised, and a strong set of indigenous banks is being born.
President Akufo-Addo reiterated his commitment to having two performing indigenous banks in the country than to have seven weak ones, as recent examples of Nigeria, Malaysia and others have shown.
“I have no doubt that, if these measures had not been taken, the banking system would have been seriously compromised, with dire consequences for depositors and their savings. We need urgently a vibrant banking sector that can help mobilise resources to finance our industrial, agricultural and economic transformation,” he added.
This, President Akufo-Addo stressed, is the justification for the measures of the Bank of Ghana.
Powerful Past, Prosperous Present, Prominent Future
President Akufo-Addo, who was speaking on theme of the Anniversary celebration “Powerful Past, Prosperous Present, Prominent Future”, stated that alumni (ƆdadeƐs) of PRESEC, many of whom can be described as Ghana’s “Powerful Past” and “Prosperous Present” of our country, have obtained this status and renown because they had access to education.
Future ƆdadeƐs, he added, who wish to become our nation’s “Prominent Future”, can only become so, if they receive an education.
He indicated that a survey of Ghana’s immediate past reveals that between 2013 and 2016, an average, one hundred thousand (100,000) children, every year, who passed the B.E.C.E., could not take up their places in Senior High, because they could not afford the fees, even though they had the qualifications.
If this situation had persisted for a decade, one million children would have dropped out of school at the level of Junior High School, an unacceptable outcome for any nation in the 21st century.
“It would have been too dangerous for Ghana’s stability, as we would have been building a future of hopelessness for our youth. Such a situation was intolerable, and my party and I were determined to end it. That is why the Free Senior High School policy was introduced,” he added.
The Free SHS policy, in 2017 and 2018, has resulted in 270,000 more students entering Senior High School.
The Progressive People's Party (PPP) has slammed President Nana Akufo-Addo for failing to fulfill his campaign promise on the fight against corruption.
Paa Kow Ackon who is the Communications Director of the party argued that, the NPP has failed woefully in their quest to fight corruption.
Chapter 4, of the party's 2016 Manifesto he said captured good policies on corruption but after assuming office, the party has abandoned these policies and allowed corruption to go on under this administration.
"Nothing has changed under this government. The corruption cases, nepotism, friends and family system of government and clearing of persons accused of corruption have all been done under suspicious circumstances. We expected something different but what we are really witnessing today shows that nothing has changed, " he added.
What the NPP is doing today, is contrary to what they promised Ghanaians.
He recounted how former President John Mahama was accused of corruption, cronyism and nepotism but what they said about their opponent has increased in an unprecedented manner.
Meanwhile, he has said there is no difference between the NPP and NDC when it comes to nepotism, corruption and nepotism.
Deputy General Secretary of the ruling New Patriotic Party (NPP), lawyer Obiri Boahen says the opposition National Democratic Congress (NDC), does have the moral right to point accusing fingers at President Akufo-Addo over alleged corruption cases.
The private legal practitioner said the worst form of leadership and unprecedented cases of corruption, were recorded under former President John Dramami Mahama who failed to crack the whip on appointees implicated.
President Akufo-Addo in his view has shown leadership, commitment and faithfulness in dealing with corruption.
Speaking on Frontline on Rainbow Radio 87.5Fm, the lawyer posited that, Ghanaians would be the best judges when it comes the leader wHo has transparently led the country and made corruption unattractive.
He admonished Ghanaians to exercise patience and wait for the prosecution cases lined up against alleged corrupt officials under the previous government.
The Abeka and Lartebiokoshie sanitation courts have sentenced two persons to five months imprisonment for indiscriminate dumping of refuse on the Olusegun Obasanjo Way and Kaneshie street in contravention of Act 851 section 56 a and b of the Public Health Act 2012.
The two, Mamudu Mohammed and Kojo Boakye who are to serve three and two months jail term at the Nsawam prisons respectively were sentenced on their own plea and their inability to pay a fine of GH₵ 1,200 and GH₵360 each when they appeared before the court on Tuesday .
Head of Public Affairs at the Accra Metropolitan Assembly (AMA) , Gilbert Nii Ankrah , who disclosed this in an interview with journalists said the Abeka Sanitation court also convicted Wofa Yaw, Forgive Senyo, Yayra Senyo , Yaw klutse, Esi Dogbe ,Owusu Asante, Efua Donkor, and Gladys Shabby and fined them between GH₵480 and GH₵720 for the same offence.
According to him, the accused persons were arrested by the assembly’s sanitation taskforce between Friday and Wednesday during their routine night patrols in the metropolis.
He pointed out that, the assembly as part of efforts to improve sanitation in the city, was embarking on routine cleaning in the metropolis and has deployed its taskforce to patrol the city during the night and at dawn to arrest all persons found dumping refuse illegally or defecating at unauthorised places.
He noted that, the assembly has accredited some waste management company to service specific areas within its jurisdiction and urged all residents to register for their refuse to be collected adding that this would ensure that waste collected would not end up on the streets and in drains.
He urged citizens to be disciplined and to desist from dumping into drains, unauthorised places, and littering as well as open defecation to help achieve a clean Accra.
The President, H. E. Nana Akufo-Addo cut sod for the Elmina Heritage Bay Tourism Project project which involves an enhancement of the immediate surroundings of the Elmina Castle. It includes the following; Receptive Facility that will provide a dignified welcome to visitors, a reverential garden, improved parking spaces, an event grounds, waterfront seats , busts of iconic Ghanaians, Africans and African-American, arts and craft shops and improved washrooms.
The project places emphasis on the sites UNESCO heritage status and will build on the strong participation of the Community, enhancing visitor experience in the surroundings of the Castle and Elmina in general, and drawing linkages with existing tourism inventory in the area. These include the old Dutch cemetary, Fort St Jago, Bethel Methodist church , the Elmina Fish Market and the Coconut Grove Bridgehouse.
The sod-cutting was done at a Durbar held at the forecourt of the Elmina Castle. Hon. Afeku, Minister for Tourism Arts & Culture said that the project coincides with the activities celebrating 400years since slavery which will be marked in 2019.
The President in his address praised the Minister and collaborators of the project and promised his support for the "hardworking" Minister and all she was doing.
Nana Kondua VI used the opportunity to thank the President for listening to fishermen and postponing the "off-season" fishing period. He further urged him to support him and other chiefs to take up the sanitation fight.
Hon. Catherine Afeku, Minister of Tourism, Arts & Culture used the opportunity to present 5% of proceeds of revenue from Elmina Castle to the Traditional Council as their share. She added that use of technology for revenue collection at attractions is part of government's efforts to bring transparency in its work.