Banking Cleanup Revisited: GN Bank’s Comeback Sparks Heated Debate | Matters Arising

Added: 2026-05-26

[00:00:00]Uh let's move on and talk about GN bank's uh license restoration. Now we've made aware that >> make sure we deal with the A visa to >> the what >> the visa free.

[00:00:10]>> Oh, we will of of course we will.

[00:00:11]>> That's right.

[00:00:12]>> I'm not sure anybody will disagree on the visa. That's why I want us to deal with the Yeah. So let's talk about the GN bank. We we are made aware um to know or we are made aware that the first branch will be opened in Elmina. We asking has justice been served now. Let me start with you.

[00:00:29]You can help us with a preamble.

[00:00:31]>> Is this a new license to be issued to him or a restoration?

[00:00:37]>> Is that what is that what he said?

[00:00:38]Restoration or a new license?

[00:00:40]>> No, restoration. The court says restore.

[00:00:41]Give him back his license.

[00:00:42]>> Okay.

[00:00:43]>> Uhhuh.

[00:00:45]>> Yeah.

[00:00:48]this um restoration thing the ruling by um >> okay so so so just before we move on this one says um uh oh uh oh let me let me just deal with this message it says that it's not true bank of Ghana does not support bureaus licensed bureaus are supported were supported in the previous administration don't know about current administration. Anyway, this an information that someone is what >> they give them they explain but I guess they supply them.

[00:01:25]>> I did a check on that. So that's what I was conferring with honor.

[00:01:29]>> So >> so honorable do you want to speak to it?

[00:01:32]>> You want me to speak? No, I think that they >> so the issue is that the contention was that um Hobson believes that Bank of Ghana supplies the forex >> dollars >> in dollars to um how do you call it? Um >> commercial banks and bureaus banks.

[00:01:50]>> Forex bureaus.

[00:01:51]>> Oh, that's how I No, he said commercial banks.

[00:01:54]>> No, forexe bureaus is what we're talking about. Not commercial banks. Forex bureaus.

[00:01:57]>> Uhhuh. So Hoopson per what I heard.

[00:02:01]Okay. Maybe hoops may want to clarify >> that um Bank of Ghana supplies you know forest bureaus with dollars.

[00:02:10]>> Mhm.

[00:02:10]>> Okay.

[00:02:12]>> And other foreign currencies.

[00:02:14]>> And then Ku was saying that no they get it from >> the public.

[00:02:18]>> Yes.

[00:02:19]>> Okay. So the check is this >> in Ghana lens forest bureaus obtain their forest exchange >> from the general public.

[00:02:31]commercial banks, international travelers and former business sectors.

[00:02:37]So, >> Bank of Ghana doesn't operate. But for me, commercial banks, >> commercial banks, >> bank of Ghana giving to commercial banks, commercial banks to the bureaus.

[00:02:46]>> There are two things here. There are two things here.

[00:02:51]>> You know, for for Bank of Ghana, they supply forex to banks, commercial banks.

[00:02:57]>> Yes.

[00:02:57]>> Okay. So it is the duty of a forest bureau operator to probably carry money go to these commercial banks and have that trade exchange.

[00:03:08]>> Yeah.

[00:03:09]>> All right.

[00:03:10]>> Just the same way as um a traveler a foreign traveler will come to Ghana with his dollars in his pocket and walk to group >> you know. that exchange. But what I make out of this argument is that Bank of Ghana unlike the operations where they will carry money and take to commercial banks, they don't directly supply forest bureaus with no in 2000 they used to do it for Jesus.

[00:03:40]>> They used to do it. They used to auction dollars to the forest grow directly 992000. They used to do that but that practice has no at a point they decided was they will supply the commercial bank error they used to 99 2000 that's what I'm saying they used to give they used to auction dollars to us directly it has stopped and there was A REFORM THAT NO OF GHANA should give IT TO THE COMMERCIAL BANK THE FOREST BUREAU commercial bank in Ghana let me forest EVEN COMMERCIAL banks to buy.

[00:04:17]>> So, >> it's fine. Let's make progress.

[00:04:19]>> Yeah.

[00:04:20]>> You see this whole thing about um um the appeal courts restoring this um um license bank. Yeah.

[00:04:33]>> Yeah. GN bank. Um I think that for me is a good thing looking at where you know um GN bank was operating from the target market is supposed support support to the economy then and um what they were doing generally you know to help um commerce and trade in Ghana.

[00:05:04]But then you let me pick it from this angle. All right.

[00:05:09]Um looking at the entire banking sector cleanup, two things that I saw or three things.

[00:05:22]a deliberate attempt on the part of some people to come together plot a scheme to rob this country and depositors of their resources.

[00:05:35]>> Really?

[00:05:36]>> Yes.

[00:05:36]>> How I will explain. All right.

[00:05:41]Number two, the supervisor Bank of Ghana didn't do much probably out of complacency or they decided it was a kind of negligence on their parts to do the work they were supposed to have done to control you know um the banking sector.

[00:06:18]The third one, a kind of betrayal, you know, to the government of Ghana and the confidence that, you know, the government uh both NDC in 2015 and PP in 2017 to 2019.

[00:06:40]I say that it was a kind of applause because check the figures and you see that bad depths on the books of some banks were so high to the extent that it it it it was a matter of suspicion that how on earth would people take loans and will not He how a kind of a kind of repatriating money to certain jurisdictions without pure accountability.

[00:07:29]So that's where I believe that there was a scheme to rob depositors far beyond certain things that probably I cannot mention >> but but banks do business with depositors money.

[00:07:46]So if it's agreed that they transfer it to >> you are doing business >> other jurisdictions you are doing business >> then it means that you invest you plow back >> your money and your interest >> and then goes >> Mhm.

[00:08:02]>> But at a point where depositors come for money >> and then it resort to panic withdrawals >> then what are we saying? Where is the money? Have you invested the money in a certain business that the money is not coming back? If that is the case, then it means that probably you are also not doing your work well because you have invested in in in a market where you are not getting the money back at the expense of people who hold confidence in you and that is bad business approach. All right.

[00:08:44]>> So that is my first point.

[00:08:46]The second point has to do with Bank of Ghana sleeping on it job.

[00:08:55]One of the key things was a failure in the governance status of banks.

[00:09:06]And whose responsibility was it to put those things right? Bank of Ghana.

[00:09:11]and they were not doing it.

[00:09:14]Look at how certain banks got their licenses.

[00:09:19]Very suspicious.

[00:09:23]And all these things were things that nobody saw from where Bank of Ghana was seated.

[00:09:31]>> Mhm.

[00:09:32]>> Even if they saw it, what remedy did they put in place?

[00:09:40]the confidence issue that I'm talking about. I just want to go straight straight. It's so >> Yeah. Yeah.

[00:09:45]>> Uhhuh.

[00:09:47]>> In 2015, the then NDC government saw it.

[00:09:54]President John Mama realized that we cannot just collapse the banks. Let us resource them. Let us recapitalize them.

[00:10:05]Let us give them certain reliefs in the form of loans.

[00:10:11]Bad faith.

[00:10:13]What happened to some of these monies?

[00:10:16]People created businesses with it, mess up these monies.

[00:10:22]Other people took loans refusing to pay and did nothing to pay those loans.

[00:10:34]All right.

[00:10:35]And so my question was that if these three things were missing, was it not going to be good for a total cleanup to as it were pick those bad knots within the system.

[00:10:55]Okay. Protect the interest of depositors.

[00:11:01]Protect the interest of the markets.

[00:11:03]restore confidence because obviously coming from the PNDC era where people who were banking lost confidence in banks and then we have traveled to a point where confidence in doing business with banks had come back.

[00:11:23]Then we hit another point where you know it seems that if you are not careful that confidence will be gone and gone forever.

[00:11:33]What do we do? We need to restore that trust and confidence.

[00:11:37]So for me it wasn't a bad idea.

[00:11:42]Certain presidents had happened in Nigeria and even in America and what happened what did they do? If it wasn't a bad idea that what >> that this revocations came >> okay >> that the cleanup came certain banks were collapsed and given to um how do you call it um receivers?

[00:12:08]You understand?

[00:12:09]>> So that at least there will be a situation where you know depositors money and their interest can be protected. But today the court of appeal is disagreeing with all of those.

[00:12:21]>> That is where I'm coming.

[00:12:22]>> Okay, get get there soon. Get get it quickly.

[00:12:24]>> So what I see from this is that um I don't know what the court of appeal has seen differently from what because the judgment I'm yet to have a copy of it to read the entire documents. But then the point is this. I don't really know what the court of appeals saw differently from what the high court's ruling was, but I am tempted to believe that you know this ruling will have some kind of implications.

[00:13:03]>> Mhm.

[00:13:04]>> And I want to be snappy, right?

[00:13:05]>> Yeah.

[00:13:06]>> Yeah.

[00:13:07]>> Implications to the receiver itself.

[00:13:09]>> Okay.

[00:13:10]>> Will be a major problem and will take a long time. Um I'm even tempted to believe that we are going to see so many court cases coming up. I hear that other banks that were collapsed whose licenses were revoked are at the courts.

[00:13:29]>> Okay.

[00:13:29]>> So this particular one is going to serve as >> grounds >> grounds for them to also refer.

[00:13:36]>> Okay.

[00:13:37]>> Um confidence in the financial sector.

[00:13:40]For me, one thing that I am scared of is the fact that probably other investors may not see this as um a control, you know, um a takeover control by, you know, um the courts instead of allowing, you know, Bank of Ghana to actually operate within its um defined, you know, authority.

[00:14:11]And the last one, implications to the market and business.

[00:14:16]>> But they are coming back.

[00:14:18]>> They're coming back.

[00:14:18]>> Yeah. We are going to open the first branch in >> for instance. Yes. He has said it. He has said it. But I want to ask you if you are done business with someone and something has happened and you've lost your money, you develop a perception, isn't it?

[00:14:39]>> Yeah.

[00:14:40]>> So if the person comes back, do you have that same confidence and trust?

[00:14:44]>> A loss that was not his making. So that is where the issue is as to whether the consumer is aware that it was his making or not is >> okay making >> because at the end of the day from a marketing point of view consumers would always work to reduce their risk levels.

[00:15:06]>> Okay. So for me um yes it is good. Like I said he had over 300 Dr. Indom group Indom had over 300 outlets spread throughout Ghana. But I think that from where I sit um I I am tempted to agree with the general manager of group Indom >> Mhm.

[00:15:33]>> who said that it wouldn't be something that would take a day to rebuild.

[00:15:38]>> Okay. All right.

[00:15:40]And I think that they should have a framework a marketing framework >> as a good thank you all these things.

[00:15:50]>> I'm defining option >> most of the thing said by um doc I will not repeat them and I want to take it from another angle.

[00:16:03]>> Okay. like um I always say the collapse of this uh banks about 11 of them >> was something I would term a deliberate just to collapse people's business because >> someone was a competitor someone was a competitor. You allow me small. Let me build the point.

[00:16:40]If you go to Cape Coast today, the burden of UT UT Bank is being occupied by data bank today.

[00:16:55]You go to other places, you see them.

[00:17:00]Now group Indom why was the bank collapse people were just there oh we can't get our money and all those kind of things and Muhammad's first term group in doom was giving loans to contractors in fact they agreed that yes you give them what we are paying automatically will pay the money through you so that you can get your money back.

[00:17:35]He did that. Unfortunately, NDC1 couldn't pay contractors when they left office.

[00:17:42]>> M PP took over.

[00:17:45]Then they said, "Oh, government you are owing us." M PP government commission an audit into those h projects and they agreed on a certain amount that yes after the audit we've agreed on this amount so we are going to pay you this said no problem I want it one day I was in the office of the President I mean I was with the president president Auad.

[00:18:22]>> Okay.

[00:18:23]>> And I told him that look indum is bringing something else in presence of me. He pick a phone and call I ask you to pay the money. This I'm going to pay. I said if I cannot pay all I am saying this because it's not a lie.

[00:18:45]You can ask the man. And we said I told you if you cannot pay all give him a payment plan. He say yes I will do it.

[00:18:56]So I was happy but nothing happened. At a point had to hire Gabby as his lawyer Gabby Gary as these two people as his lawyers.

[00:19:14]And you told them you if you take even 50% of the money, you just get me the money and take 50%.

[00:19:22]>> THEY WORK HOW CAN GABBY come in and then it was not successful. That should tell you the mentality, the plot behind Indom's banks collapse. Are you getting it?

[00:19:35]>> So, so your argument is that if government had given paid him the money the old Endom, Yeah. he would have been solvent.

[00:19:42]>> Oh yes.

[00:19:44]Are you getting it? Ah, we were in this country when people will go and demonstrate we need our money. A friend of mine in Germany this he came and then he was naked waring in front of a Gian bank headquarters I'm telling you because government is owing the bank and government is not paying why is he going to get the money to pay the depositors?

[00:20:11]So this was it. It's not that maybe uh Indom's bank I can talk to that because I am fully aware of indom's situation other ones I don't have that much h this and now we are discussing indom that's why I'm opening up this way >> are you getting it >> so if someone sit and decide just to collapse people's business >> I mean look let me tell you one thing so you're saying that all the because in the banking sector collapse they brought report on very all the banks and why they've been collapsed. Now GN itself wrote to the bank of Ghana for them to be reduced from a universal bank into savings and loans because of liquidity issues.

[00:20:59]>> That's right.

[00:20:59]>> Now the bank of Ghana says when we even did the reduction >> they didn't write they were actually downgraded. No.

[00:21:06]>> No. They said they they applied to Bank of Ghana to downgrade them from investor. But that's a report we read.

[00:21:11]>> They were they were about to collapse them and they said, "Oh, don't collapse."

[00:21:15]>> Yeah. Bring us to bring us savings and loans. Yes.

[00:21:18]>> Are you getting it?

[00:21:19]>> So the Bank of Ghana says that they approved the request from the bank.

[00:21:21]>> It was because Bank of Ghana had raised the capital requirement.

[00:21:26]>> Yeah. To 400 million.

[00:21:27]>> 400 million. They couldn't meet.

[00:21:29]>> Yes.

[00:21:29]>> That was the first point. Uh-huh.

[00:21:31]>> So the downgrade came >> and then they so at that point when they couldn't meet it >> it was after the downrid >> that they went back again somewhere in August >> and then to check and then they saw underperformance >> but they were down they were downgraded to what >> sorry exactly that's what I'm saying and then according to report >> the root for that >> yeah bank of Ghana says they approved a request >> by GN bank >> okay >> to be downgraded from a universal bank to savings and loans. Unless that report we read is wrong.

[00:22:04]>> Okay.

[00:22:04]>> I'm saying the report that came on the banking sector clean up they gave reasons non-performing loans uh capital adequacy ratio and all of that. Are we saying all of the things they wrote about GN bank was not true but was to satisfy someone's someone's eager to collapse the bank.

[00:22:22]>> Have you had an issue with a police officer before?

[00:22:29]Whatever the police officer says is fun.

[00:22:31]>> You afraid of afraid of you. No. I say oh on that.

[00:22:36]There was once I did I did >> but I need to apologize to that policeman. I have apologized to him.

[00:22:45]>> But if he's watching me this morning I apologize to him again.

[00:22:48]>> I think that I I bdos my way through which I shouldn't have cuz that's not my nature. M >> but it was at a point where I was my my you know I was looking at other things apart from me and my nature >> so I didn't I came later to him to say look I'm sorry >> I should have done what I did but I if he's watching he's not I apologize to him again >> that that one is my case >> but >> something may happen >> and you could see that it's the fault of >> the police >> but because he's the officer >> whatever he says is the finer are you getting it So in this case >> I can tell you who was in charge of our finance ministry and the finance minister then was also in competition with them. Look, one guy, >> he didn't have a bank, >> is he?

[00:23:38]>> Okay, it's fine. Move on. Move on. Move on.

[00:23:42]>> It's I'm not talking about at 24.

[00:23:45]>> I know. I know. I know. I know. Look, UT Bank >> uh Mr. uh >> Captain Abuab >> during that time he went to Nigeria to see the governor of central bank of Nigeria my brother come and then intervene for me I know you have some kind of relationship with our finance minister the man agreed he made appointment he came so no let's go to my place. They went to aim.

[00:24:28]So they had a very fruitful meeting and he assured him, "Oh, once you are here, nothing will happen." He even forced the man to sleep and then left there around 4:00 a.m. He got to Nigeria, went to his office, midday news, UT Bank is closed.

[00:24:52]The man call he said e the man has done it he has closed it what it's not possible then he sent him the news outlet the link he listen so wow that is that that extent the man WILL SAY OH YOU TELL me that this decision I cannot change it but you assured me I left there I left your house 4:00 a.m. And then 12 noon news the bank is closed. Are you getting it?

[00:25:26]So I am saying that group Indu did not do something reckless that landed him in that but government of Ghana was OWING HIM SO MUCH SOME 2.8 8 billion or something like that when they agree on the final audited e report and government refused to pay that landed him this. So I I am sure now that bank of Ghana has restored the license he may go for maybe compensation and all those kind of things. Yes. Are you getting it? Now the money that government is owing is still there and government of the day will see to it that they paid those monies because it's money that he gave to contractors to work and that work is not his personal work.

[00:26:26]THEY WORK for Ghana. So he cannot suffer the consequences of that.

[00:26:31]>> Okay. All right.

[00:26:32]>> So me I wish him well.

[00:26:34]>> Okay. All right. And I will also plead with Bank of Ghana not to even appear, not to even appeal. We should grow our own people.

[00:26:48]Look at the banks that we have here. If not from South Africa, it's from Nigeria and the rest. Okay?

[00:26:55]>> And they are doing well. All these measures are not catching up with them.

[00:27:00]But why is it that the local banks are being tampered with >> because of competition?

[00:27:06]>> All right. I hear >> someone want to be ahead of others.

[00:27:09]>> Thank you. I'm grateful.

[00:27:10]>> Let me look.

[00:27:12]>> Everybody who has spent the last 5 minutes listening to hopes everything you've said is not true.

[00:27:20]Please hop. This is national television.

[00:27:23]>> Did I say it's local?

[00:27:25]>> Please.

[00:27:25]>> Did I say it's local television? the amount of allegations and things you said. Please, do you know the total amount of institutions that were closed down during the banking cleanup? Do you know? Do you know the total amount of institutions that were closed down during the banking cleanup?

[00:27:43]>> It was >> I'm talking about banks. I'm not talking about >> institutions that were closed down.

[00:27:47]>> I'm talking about banks.

[00:27:49]>> Banks included.

[00:27:50]>> 420.

[00:27:52]>> It was 380. 420 institutions were closed down during the banking cleanup. Let me give the categories. The categories included nine banks, 23 savings and loans, 347 micro finance companies, 39 micro credit and one remittance company were closed down doing the banking sector cleanup.

[00:28:16]Look, let me not bore our audience and let's go straight to Bank Hindu, GN Bank.

[00:28:24]You make it sound as if it was because of somebody's diabolical nature that is why GN Bank was closed.

[00:28:31]>> Excellent.

[00:28:33]>> If you know workers of GN Bank, call them. GN bank couldn't pay salaries at a point because >> GN bank if you give a check you issue a check they couldn't honor the check why are we making it look like GM bank was such a healthy bank and somebody closed it down look when you are running a bank there is something called capital adequacy ratio ratio your capital adequacy ratio is how much capital you have as compared to how much on impaired loans you can have. There are strict regulations from Bank of Ghana on this.

[00:29:12]For somebody to sit on national television and say that group Indom was owed so much money and because of that this this if they have paid the money the base the minimum capital at the time he was a bank group indu was a bank then he couldn't beat the minimum capital.

[00:29:31]>> How much was the minimum?

[00:29:32]>> 400 million government 2.8 8 billion.

[00:29:36]>> But you see, let me let me explain something to you.

[00:29:40]>> You see, when you have depositors money, the money that you give out to people as a loan is not your capital. There's a difference. That's the thing you don't know. You the owner, there is something called tier one capital and there's tier two capital. Depositors money, people's money in your bank is what you give it out as loans. When you started the bank, you started off with your own money.

[00:30:06]Mhm.

[00:30:07]>> You cannot use even if they paid him all that money, he couldn't use that money as his capital because it's not his money.

[00:30:13]>> And you paid the >> No, please let's stop paying. No, no, let's stop.

[00:30:19]>> No. How >> the capital ratio, the reason people said the bank was insolvent was that the owner of the bank needed to have a certain number of piece capital. When you make losses year on year, it reduces your capital. That is why you heard last two months when we're talking about negative equities in Bank of Ghana because the shareholders money, the owner's money has been eroded and jetly jet.

[00:30:52]It's like you go to a shop, somebody has a shop sitting there. The person started a shop with let's say 100,000 Ghana cities but 1 billion but the the amount of money he owes is more than his capital.

[00:31:14]The shop is there but it's insolvent.

[00:31:18]Let's educate Ghanaians. Hopson please.

[00:31:21]You see let me land. Please please please stop that. When you say that somebody owe group indu nobody's denying that BUT WHAT THE BANK of Ghana was looking at bank of Ghana was looking at his capital when your capital is low he was reduced from a bank to a savings and loans when group indom now became a savings and loans at the time the minimum capital needed was 15 million Ghana cities >> and even that he didn't have as minimum capital >> which one >> the 15 million >> for What?

[00:31:53]>> For the B the minimum capital when he became a savings and loans.

[00:31:57]>> Okay, >> you understand? So today somebody is saying that the bank of the appeal court has now given back his license.

[00:32:05]>> Under what condition?

[00:32:07]>> So are you telling me that oh he's going to open a bank at Winnipe? Fine. But under what conditions? Is it under the new 50 million requirement or under the old requirement of 15 existing banks which are savings and loans are per the bank of Ghana regulations are supposed to get to 50 million Ghana cities by December 2026.

[00:32:28]>> Does group Indom has 50 million Ghana cities minimum capital? New entrance if you're a new entrant coming into the bank you are supposed to have 100 million Ghana cities.

[00:32:41]Nobody is against group Hindum having a bank. But you see the court can make a ruling but the court cannot give you a license because licenses come with speculations. Licenses come with money.

[00:32:55]Group Indom today cannot be given back his license under the old 50 million Ghana cities. He has to come in with 50 million Ghana cities.

[00:33:04]>> Restored. He say restored.

[00:33:05]>> My brother, when your license is restored, it's restored. Every license has a condition.

[00:33:11]>> Uhhuh.

[00:33:11]>> Your license already.

[00:33:13]>> Oh my brother, he's paid what >> the minimum capital you need.

[00:33:17]>> His argument is that when he was brought to savings and loans, he couldn't bring the minimum.

[00:33:21]>> The minimum capital was 15 million Ghana cities. Then >> and the point is that government was owing to YOUR NO FORGET ABOUT THIS.

[00:33:33]>> WHAT DO YOU MEAN FORGET ABOUT?

[00:33:34]>> HE HAS GIVEN GOVERNMENT MONEY. YOU PAY THE MONEY SO THAT YOU CAN ALSO RUN THE BANK.

[00:33:39]>> This is the >> What are you talking about?

[00:33:40]>> This is the separation between >> make a point.

[00:33:44]>> You make a point.

[00:33:44]>> I'm not I've not landed.

[00:33:47]>> You see this is the separation between >> many people are comfortable to you.

[00:33:51]Nobody can see when you speak you understand what you speak nobody understand of Ghana there was nothing like um how do you call it contractors who had picked loans from GN bank >> you get it and it is not a responsibility of bank of Ghana to go and demand that money from the Ministry of Finance or the Ministry of Roads and Highways or probably instructs that government should pay them because when group was given those contracts, >> those loans, >> those loans, >> you know, now the next thing is >> but but what dog is saying is not entirely.

[00:34:45]>> So, so let me >> So the the no you you So can can I bring in >> then the next thing is this you see group Indom had given loans to contractors right but on what basis would group Indom say that a contractor is owed me and that is because the contractor had performed a service for the government of Ghana. So the government of Ghana should pay the contractor and then for me I see some missing link.

[00:35:26]>> Okay. So let me make that point. You see the point I was making. Remember when people keep saying that NAD and MP government spend about almost 200 and some 20 billion Ghana cities in paying in investment that would have otherwise been lost >> as compared to spending 10 million to 9.

[00:35:45]9. Okay. The 9 something is the capital inadequacy of the banks and the institutions.

[00:35:52]>> Yes, >> they have taken depositors money to the tune of almost 20 billion.

[00:35:59]>> At that time we borrowed 24 billion Ghana cities. So listen to this. The bank's capital requirements for them to be at okay bank is about 9 billion.

[00:36:09]>> Mhm.

[00:36:10]>> But depositors money that they have collected and lost was 24 billion. Mhm.

[00:36:16]>> So which one do you give? Do you give the people who open the banks, mismanage their own capital, do you give them that money or you give it to depositors who went to the bank and put their money there? Who do you give the money to? You give the money to depositors cuz depositors went and believed in that bank. So the one the 9 something billion that group Indom has lent to the contractors were depositors money. They were not his own money. Because if your capital is 15 million, how can you lend 9 billion? Ask yourself if group indu the minimum capital right is 15 million as a savings and loans at the time. You couldn't even meet 400 million. How can you lend 9 million?

[00:36:57]>> They lent 9 billion. The 9 billion was the entire for the banks.

[00:37:00]>> No, but he's saying that government owed group Hindu some huge. How much is the money that you said government?

[00:37:06]>> They agreed on 2.8 billion.

[00:37:08]>> 2.8 billion >> of Ghana cities. Yes.

[00:37:12]>> How can somebody who cannot find 400 million Ghana cities as capital have 2.8 billion?

[00:37:16]>> But you've taken the money from you what I'm saying. So that 2.8 billion was not Indom's money. They were depositors money because indom's based capital for starting the bank. Let's even assume he had 400 million was only 400 million.

[00:37:29]But he didn't have 400 million. That is why there was a disagreement between you and prof whether he opted to be savings and loans or whether the bank of Ghana made it. But at the time the savings and loan minimum capital was 15 million. So how can a bank that you claim government owe if government owe you 2.4 billion then you can't find 15 billion. So they are two separate. Let me land everybody keep mixing the two monies that were owed to these banks. People make that same argument for Duour the uni banks that were owed to uni bank couldn't have gone towards his capital. Okay.

[00:38:06]>> They were not his money.

[00:38:07]>> Okay. All right. Thank you very much, honorable.

[00:38:10]>> Okay. Thank you. I think that >> the banks were 10, not nine. 10.

[00:38:14]>> I want to put this in perspective. I think that like the the financial sector like many other sectors in Ghana. We saw the influx of what foreign companies >> and we thought that the angle of local content should be encouraged. M >> that is why I think that that space was open >> for a lot of Ghanaians to be able to take advantage of it i.e. talking about the micro finances even the sisu groups were encouraged by bank of Ghana. So you can see clearly under our law the company's code 179 but unfortunately we realize that yes that raised a bit of issues regarding confidence in the financial sector even though in 2014 I think that DN got it I think before they were even the savings and loan and they got upgraded toward a bank in 2014.

[00:39:10]Then fast forward these issues came up and a lot of companies were looked at. I think government at that time I think under president Johnama felt that yes things didn't go right but like we say continuously you don't throw the child away let's find a way to be able to support them because we want to grow our own and I think that that those supports came we saw other banks that they mentioned some took as high as what 600 million to augment their work but that also didn't go well and I even think that fast forward we made laws change our law and gave a bit to what to to our law aspect the companies act that's 992 where now even if you are a director of a company and you do something that is un toward you can be prosecuted some of them were even prosecuted criminally we saw that so but the big issue is that the debate has been that yes this has happened by bank of Ghana bank of Ghana decided to revoke after having degraded and eventually revoke the the lances of what a GN >> and GN was not comfortable with that they they went to court I think that per the court's ruling The court upheld the stance of what the bank of Ghana. Then subsequently they went for appeal.

[00:40:21]>> Now the appeal court has gone contrary to what what a high court says and said that we are restoring and even given a directive for for the for even the the receiver there who was appointed to act in accordance with that making sure they they reverse all that they have done. The issue now is that the court has been able to has passed this.

[00:40:42]That's the appease court. People ask a lot of questions. Yes. Giving back the the lancers or restoring them with their lances. Does it amount to getting then the automatic operation in the system? I think those are questions people are asking >> and people are saying that others are advising Bank of Ghana they can go for an appeal based on the challenges because even if you look at the receiver receiver has operated for over 5 years now. Some of the things even I think they sold out some of the properties and all that. Indom raised concerns as to why he thought that they were not fairly treated even though government or bank of Ghana at that time also raised concerns about some inappropriate actors talking about even expose a related party exposures that are so high they're talking about like he said capital inadequacy issues and many other issues they talked about but indu also said that his bank of Ghana has skewed their focus on a particular thing without looking at the entire value of he his company but The big question is that as we stand now, do you do we think that it is that easy for a a group in to be able to operate?

[00:41:53]To me I think that if government is deliberate about it if bank of Ghana is debate about it because if this about infractions I made a point here one time ago that bank of Ghana itself one time in this country they set a law placing financial limit on our sad 5% because we cannot use more than 5% of revenues that we raise in this country without going to a trapatide committee they issued that we went beyond that without even that what happened to them so he who goes to the court of equity must come with clean killing hands so I think that you don't treat it's just like you are trying to correct a child.

[00:42:27]You don't hit the child with both hands.

[00:42:29]You hit with the right eye want to run you bring them because you have deliberate issues today. If we have this banks working, we make sure that those who are supposed to be criminal, they should and punish them as we are seeing.

[00:42:40]If we have this bank working, I'm sure that most of our people that are running to South Africa and being humiliated there and being threatened with life will not be doing that. So I think that yes, we can take the politics out of it.

[00:42:51]But let's begin to look at it. Yes, this time has come. No matter what, let's not shy away by making sure that when we have a Ghanaian start something, no matter what it is, but our law should be respected. They should go through the law. If there's a way, they can even pick that persons out and make sure that the system work to benefit Ghanaians. We do that and you know the purpose of it of using 20 billion to solve a 10 billion problem. No, >> but he has explained >> no always explain to make sure that he's in the explaining for the truth of the matter this explanation. This is the first time you are hearing us. IF YOU RESEARCH YOU KNOW THIS IS THE FIRST TIME you are hearing THIS where is not for instance we have a a bank like the heritage bank >> that last us in the first six months of what introduces again. So you ask yourself what is the motivation? What is their crime? So all those things are factors that we have to look at. When is Ghanaian? Let's begin.

[00:43:59]>> Was it 2017? It wasn't.

[00:44:01]>> No, I'm saying that they got their all lances first this month. That was when NP came to power. They got the license in the bun bank.

[00:44:08]>> Bank the heritage bank or >> heritage bank >> but they didn't get the license in the right way.

[00:44:14]>> They they got their license in a dubious way. That's why it was booked.

[00:44:18]>> You can't go and say that somebody owe me money. Look at the money that I'm owed from Coco Bank. Look on it to give me a license.

[00:44:24]>> Were they given the license or not given? Who gave the license?

[00:44:27]>> They were given a license under dubious.

[00:44:30]Even the the the law says that they didn't pass the You've read the report.

[00:44:34]The report is there. Everybody can go and read it. Buddhist report.

[00:44:37]>> Yes. Is it there?

[00:44:38]>> It's there. No, not that. No. People want problem to others.

[00:44:44]>> Why is that?

[00:44:44]>> For in you made that point here.

[00:44:46]>> No. Doc, you made that point here. the that lances was granted by Bank of Ghana and Bank of Ghana also revoked the lances. Ask yourself that question.

[00:44:55]>> That's why a lot of the people in >> that's why I said that killed >> you see earlier on I made that point including the >> including should have been banks got their licenses >> you know were suspicious.

[00:45:08]>> Yes. So and that was why I also made the point that I felt that there were a certain network you know >> that that were that was working >> and then when Bank of Ghana the relative >> look I'm I'm grateful we have to move on I think we have >> I just want to let's move on just give me one minute okay >> I want to believe that >> for us to build a solid financial system >> Mhm. these issues about politics should be laid aside. Number two, I feel that issues about human um police interventions and and and others. You see, building a very robust financial system is what we need.

[00:45:57]>> Okay. Thank you. I'm grateful. I'm grateful. I'm grateful. Thank you.