Prepare for fire – Adongo roars at NPP Government, BoG

The Member of Parliament (MP) for Bolgatanga Central constituency, Isaac Adongo has served notice to government to brace itself for heated days ahead following the Bank of Ghana’s (BOG’s) decision to revoke the licences of some Savings and Loans companies deemed insolvent.

According to the outspoken lawmaker, the Nana Addo led administration in the past four weeks has had a field day in recklessly collapsing financial institutions in the country. He intimated that his silence and that if his colleagues in Parliament was as a result of their busy engagements in campaigns leading to the parliamentary primaries held on Saturday August 24, 2019.

A statement from the BoG issued on August 16, 2019 said “the Bank of Ghana has with effect from today, completed the clean-up of the banking, specialized deposit-taking (SDI), and non-bank financial institutions (NBFI) sectors which began in August 2017.”

According to the BoG, it has revoked the licences of 9 universal banks, 347 microfinance companies, 39 microcredit companies, 15 savings and loans companies, eight finance house companies, and two non-bank institutions.

The licences revocation, has received some mixed reactions from stakeholders and Ghanaians with many expressing their reservations at the modus operandi of the BoG in cleaning up the financial sector.

It has also been projected that over 2,000 jobs would be lost following the collapse of the financial institutions.