Political Interference In Banking Industry Linked To Attempts To Merge

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Political interference in banking sector leading to merging of financial institutions – Prof John Gati

Head of Finance, University of Cape Coast Business School, Professor John Gati, says for some time now there has been political interference in the banking sector, adding that there is a targeted attempt to merge some financial institutions.

Speaking to GBC’s Radio Ghana on the purported takeover of the ADB by some financial consortium, Professor Gati said if this is not done with the approval of the Bank of Ghana and the Security and Exchange Commission then it will be illegal.

Professor Gati said government is now changing the focus of ADB which is specialized in Agricultural financing.

He said the situation seem to suggest that some nefarious hands are behind the merger.

He blamed the development on the weak unions in the financial sector and asked them to wake up.

Meanwhile a Lecturer at the University of Ghana Business School, Dr. Lord Mensah, said what is happening now is a sanitization process. 

He said the financial sector has gone past specialization.

Dr. Mensah said he is not surprised about the development and predicted that other Banks would follow soon.

On the effect of the take over and Bank of Ghana’s regulation of Credit Unions on public sector workers, Dr. Mensah said such measures are in the interest of the workers.

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