Any government that comes after 2020 should be prepared to take the Governor of Bank of Ghana, Mr Ernest Addison (brother of Philip Addison) to court.
Any Judge that trials Ernest Addison should be prepared to put him in jail by the law. That should serve as a lesson to him for being gross incompetent and causing financial loss of over GHC 14 Billion.It all started when the plagiarized President was sworn in on January 7, 2017. He sacked the Governor of Bank of Ghana and brought on this incompetent guy called Ernest Addison. To make sure his presence is felt, he embarked on a banking reform. The first step he took was to raise the capitalization threshold of the banks from GHC120 million to GHC400 million. He gave a date to comply or got their licenses revoked. The deadline came and Ernest Addison started closing banks in the name of a “clean-up”
The closing of the banks was either due to incompetence or it was deliberate. When Ernest Addison decided to close the banks because they failed to meet their capitalization threshold, the government of Ghana owed some of those banks and contractors billions of Ghana money. They had stopped the contractors from working in the name of forensic audit of their contracts. The government had also banned small scale mining and was seizing and burning their machinery.
The other thing was that because the exchange rate was so high, importers and exporters found it difficult to meet their revenue targets. We all know how these groups of business people rely heavily on the banking sector. So what Ernest Addison did was like beating the banks and warning them not to cry. He took away their life wire but at the same time increased their capitalization threshold. Is this not incompetence that would be entertained by only a clueless government?
Ernest Addison solely appointed receivers for those collapsed banks and all they are doing is when you had GHC 15,000 in your bank, they will write to tell you to accept GHC4,000. If you refuse, the next moment, you will receive a text message that GHC4,000 has been deposited into your account. What is the difference between that and now NAM1? Can’t Parliament invite Ernest Addison and ask him how he spent the GHC 14 billion, or is that also waiting for the next government?
Fellow Ghanaians, Ernest Addison, through his incompetence has collapsed over 30 banks and Savings Loans, made over 4000 people jobless, of which about 25 are known to have died as a result. He spent over GHC14 billion to do what a competent person could have used less and still kept those banks running and that would have kept over 4,000 people still working. There is no justification for the next government in 2021 to keep Ernest Addison as the Governor of Bank of Ghana. He doesn’t only have to be unemployed, he also needs to taste the fresh air blowing in Nsawam. The economic damage he has done to this country is too much and unacceptable.
Dr. Lawrence is the Founder of the Diaspora Progressive Movement based in USA.