Banking sector clean-up: Ex-NPP Youth Organiser refutes Frank Adu's claims, says sector stronger than ever

A former Suame Youth Organiser for the New Patriotic Party in the Ashanti Region, Richard Agyemang, has publicly refuted assertions made by ex-Cal Bank MD Frank Adu, accusing him of “whitewashing” failures by focusing criticism solely on President Akufo‑Addo and Finance Minister Ken Ofori‑Atta.
He accused Mr Adu of deliberately ignoring evidence that justified the sector’s overhaul.
According to the former organiser, the Bank of Ghana and IMF’s Asset Quality Reviews identified multiple undercapitalised banks in 2014/15, prompting the establishment of statutory reforms through Act 930.
“These institutions… had lost their franchise value,” he maintained and needed resolution before causing wider systemic collapse.
He praised the NPP’s 2017 clean‑up for preventing a full-blown banking crisis and safeguarding investment, including in CAL Bank—a move he said also benefitted Mr Adu.
“No one was ready to invest in an entity that had lost its franchise value… The exercise of consolidation was to save deposits and as many jobs as possible,” he said and noted that Mr Adu’s own investment was protected by government intervention.
He concluded by pointing to the sector’s impressive post-clean‑up performance—the financial industry's total asset base grew 33.8%, deposits rose by 28.8%, and liquidity ratios improved.
“All the performance indicators show that the sector... returned to profitability at the end of 2024,” he concluded, challenging Mr Adu to revisit the factual record before making further claims
Source: Classfmonline.com/Cecil Mensah
Trending Business
SEC warns public against unlicensed investment schemes promoted on Social Media
10:01Parliament approves $360 million World Bank facility to support Ghana’s economic recovery
07:13Free Zones Authority engages Libyan business delegation to deepen investment ties
15:49Plastic prices to increase by 7% from July 1 due to new excise tax – GPMA announces
12:01GIPC CEO backs deployment of investment officers in District Assemblies
16:16SIC Insurance PLC inaugurates new board of directors
09:25Ghana Gold Board fully implements new licensing regime to curb illegal gold trade
01:08Ghana bags $3.9bn Chinese investment in ten years- GIPC CEO hints
14:34Oti Regional Minister confirms economic shutdown in Nkwanta amid renewed tribal clashes
12:06Gov't operationalises 24-hour economy today
04:51