{"id":687663,"date":"2019-08-21T12:40:36","date_gmt":"2019-08-21T12:40:36","guid":{"rendered":" <br><div>\n\t\t\n<p><strong>Dr. Ernest Addison<\/strong> \u2013<strong> Governor BoG<\/strong><\/p>\n\n\n\n<p>NEW\nERA Africa, a non-governmental organisation, has stated that it will be fair on\nthe part of the Bank of Ghana (BoG) to let the public know what punitive\nmea"},"modified":"2019-08-21T12:40:36","modified_gmt":"2019-08-21T12:40:36","slug":"punish-bog-staff-who-supervised-mess-nera","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/21\/punish-bog-staff-who-supervised-mess-nera\/","title":{"rendered":"Punish BoG Staff Who Supervised Mess &#8211; NERA"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Dr. Ernest Addison<\/strong> \u2013<strong> Governor BoG<\/strong><\/p>\n<p>NEW<br \/>\nERA Africa, a non-governmental organisation, has stated that it will be fair on<br \/>\nthe part of the Bank of Ghana (BoG) to let the public know what punitive<br \/>\nmeasures it has instituted against its staff who through connivance or<br \/>\nnegligence supervised the recent mess in Ghana\u2019s financial sector.<\/p>\n<p>\u201cThe<br \/>\npublic is waiting in angst to see what will actually happen to the staff of BoG<br \/>\nwho through whether connivance or negligence supervised this grandiose mess. It<br \/>\nmust be stated that whatever the internal arrangements the BoG seeks to comply<br \/>\nwith, it is only fair for the citizenry to know what punitive actions will be<br \/>\ntaken by the bank to deter current and future staff.\u201d<\/p>\n<p>A<br \/>\nstatement issued by NERA in Accra jointly signed by Yaw Baafi Ayimadu, Emmanuel<br \/>\nK. Zewu, Bernard Owusu-Mensa and Hardi Yakubu, which made this known, said the<br \/>\nReceiver, must as a matter of urgency, do well to make timeous payouts to<br \/>\naffected depositors because some depositors that were affected after the<br \/>\nrevocation of some microfinance institutions have still not been paid.<\/p>\n<p>Also,<br \/>\nit said there must be a fast-tracked process to get the depositors insurance<br \/>\nscheme on board. <\/p>\n<p>\u201cFrom<br \/>\nthe current event, it is apparent that to ensure financial inclusion,<br \/>\nblockchain technology and fintech will play a major role. The BoG is encouraged<br \/>\nto set modalities for innovators to brainstorm the possible products to roll<br \/>\nout in the market for this objective. The crisis cannot be discussed in a<br \/>\nvacuum. Despite the lapses in corporate governance, it is also a fact that the<br \/>\ngeneral economic atmosphere makes banking difficult in Ghana. The necessary<br \/>\ninfrastructure that supports sound banking practices (except the laws) is<br \/>\nwoefully inadequate. The government must therefore fast track processes that<br \/>\nwill help banks in mitigating the losses from loan defaulters,\u201d it added.<\/p>\n<p><strong>Suspicion<\/strong><\/p>\n<p>NERA,<br \/>\nhowever, revealed it was suspicious. \u201cIt is our considered view that the<br \/>\npiecemeal approach the BoG used in sanitizing this critical sector did more<br \/>\nharm to innocent businesses including hitherto stable financial institutions.<br \/>\nThe piecemeal approach, among others, resulted in bank runs and fire sales that<br \/>\nled to further deterioration of balance sheets of some companies,\u201d it added.<\/p>\n<p>It<br \/>\ncontinued that the top-down approach the BoG used in the sanitization process<br \/>\nmade the exercise problematic. \u201cThere was a clear sense of panic among<br \/>\ndepositors when some commercial banks were liquidated. For example, there was<br \/>\nno way uniCredit was going to survive when Unibank collapsed. After collapsing<br \/>\nthese banks, many nonfinancial institutions that were later collapsed had<br \/>\nbanking relationship with the defunct banks and had difficulties accessing<br \/>\ntheir locked up cash.\u201d<\/p>\n<p>Also,<br \/>\nit noted that it was very worrying that after the BoG released the various<br \/>\nstatements particularly for the revocation of the five banks and the 23 savings<br \/>\nand loans, there were counter statements ostensibly pointing out falsities in<br \/>\nthe BoG\u2019s communique. \u201cThis gives a worrying sign but it will not be in our<br \/>\nambit to pass verdict. Once some aspects of the revocations are with a<br \/>\ntribunal, we would await the verdict of this legally constituted body.\u201d<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Ernest Addison \u2013 Governor BoG NEW ERA Africa, a non-governmental organisation, has stated that it will be fair on the part of the Bank of Ghana (BoG) to let the public know what punitive measures it has instituted against its staff who through connivance or negligence supervised the recent mess in Ghana\u2019s financial sector. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":687664,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-687663","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Punish BoG Staff Who Supervised Mess - NERA - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/21\/punish-bog-staff-who-supervised-mess-nera\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Punish BoG Staff Who Supervised Mess - NERA - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr. Ernest Addison \u2013 Governor BoG NEW ERA Africa, a non-governmental organisation, has stated that it will be fair on the part of the Bank of Ghana (BoG) to let the public know what punitive measures it has instituted against its staff who through connivance or negligence supervised the recent mess in Ghana\u2019s financial sector. 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