NDC Member of Parliament for Bolgatanga Central Isaac Adongo has said there’s no financial sector in Ghana anymore following the “one-sided” clean-up of the challenges in the sector by the Bank of Ghana.
According to him, the financial sector is under predatory regulatory and fiscal attack aimed at “bringing a section of the financial sector on its knees for the predator to prey on. An obvious plan that appears to promote the dominance and growth of Databank and its related parties.”
“Since the emergence of Databank and Enterprise group staff on the regulatory landscape of Ghana’s financial sector, it has become almost certain that with the conduct of the Regulatory Agencies, Bank of Ghana (BoG), Securities and Exchange Commission (SEC) with the tacit collaboration of the Minister of Finance, there’s a plan to collapse the financial sector,” Adongo said in an op-ed.
Not surprisingly, he said “at the time of great loss of confidence in the financial sector with players across the entire financial sector struggling to cope with the systemic melt down, Databank appears to be the only Investment or Fund Management company among its peers to be soaring and expanding its branch network to take advantage and pick up the spoils of war jointly prosecuted by BoG and SEC to decimate its competitors.
“Obviously, the panic withdrawals that have hit Ghana’s banking and general financial sector is a planned regulatory strategy to achieve this end.”