Bank crisis: BoG promoting foreign banks – Donkor

By on August 27, 2018

Former Power minister Dr. Kwabena Donkor has urged the Bank of Ghana to be cautious with their posturing towards local banks.

According to him, recent actions and utterances of the Central bank appears to have eluded public confidence in the local financial institutions to the advantage of their foreign counterpart.

The caution comes on the back of the recent merger of some five local banks into the Consolidated Bank Ghana limited. The Central bank amalgamated the banks because it says they had serious liquidity and management issues.

As a result of the merger, there are reports the Consolidated Bank will from today Monday August 27, 2018, begin the process of laying off some 700 workers of the now defunct Beige Bank.

A memo from management to departmental heads last week said: “Notify them of the clearance procedure which includes reconciliation of their portfolios and submission of their assets to the HR office

“Customers will be informed to avoid dealing with Field Bankers effective immediately and should visit the branches over the next 2 weeks ending 7 September, 2018 for reconciliation of their passbooks.

“Each branch has Two working weeks, effective Monday, August 27, 2018 to reconcile all customer passbooks”.

Commenting on the Development, Dr. Donkor who is ranking member on the employment committee of Parliament said the Central Bank appears to be promoting foreign bankswith their actions.

“The Ghanaian worker deserves more respect and dignity than we are seeing now.  This whole thing is over infested with self interest from the BoG.  From the way the BoG is going about things, I think they are promoting Foreign Businesses rather than ours.  I will encourage the Trades Union to go to court. I will call on the President to ensure that the plight of 1000s of indigenous citizens have their rights respected”.

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