Shocking! Paul Adom Otchere Reveals Real Reasons Why Government Collapsed Banks

Senior Journalist and Host of Metro TV’s flagship current affairs programme, Good Evening Ghana, Paul Adom Otchere, has revealed that the collapse of some indigenous banks was deliberate and purely out of envy.

“It is motivated by jealousy. It is motivated by hatred. It is not motivated by law. No. It is motivated by a personal desire to see another Ghanaian who is succeeding fail and we have to change that in this country” he passionately stated on his live TV show, Good Evening Ghana.

Close confidant of Nana Akufo Addo appointed Board member of the National Communication Authority, Mr Adom Othcere’s comment follows what he describes as a deliberate action targeting businesses belonging competitors of the ruling class.

Mr Adom Othcere’s position confirms long held suspicions based on a leaked Danquah Institute dossier in later 2016, during the electioneering campaign, on how to muzzle out some key business moguls including Dr Kwabena Duffuor, Dr Papa Kwesi Nduom among others to create a sound environment for the Nana Akufo Addo government should the NPP win.

Justifying his proposition, with reference to similar actions involving the confiscation and subsequent collapse of Tata Brewery owned Mr. Joshua KwameSiaw, an industrialist and a philanthropist, under the leadership of then Head of State, Flt Lt Jerry Rawling during the revolution days, Mr Adom Otchere, who is also a lawyer said….“Yes, we should not punish them because they are indigenous companies, grown to a certain level, so if the company does something wrong we should not punish them but does it mean we should not punish anybody? No! We certainly should not punish the company/companies that employ thousands”

Mr Paul Adom Othchere’s rant is in reaction to similar assertions by Archbishop Duncan Williams, General Overseer of the Action Faith Chapel International, last year who contended that successive Ghanaian government have gone after local businesses in an attempt to bring them down in favour of foreign interests.

“We have to change that in the country. The new generation thirty (30) years and above listening to me. You must have a different mindset that this kind of evil will not be part of your story when you become a leader four, five years from now. this kind of story where Ghanaians go against themselves because of personal hatred for a man or a woman, they have to pull down his company and by the time they look around there is no single Ghanaian company.” …he emphasized.

Mr Adom Otchere in his commentary argued that, businesses were targeted because governments involved feared th owners are too strong to take them out of power.

“That was the reason as we have read in the books. that the military junta at the time was worried that the confiscated businesses which were later left to collapse will become too strong to take the regime out” ..We are still doing it and that’s why the Archbishop is complaining” – He explained.

These suspicions are still rife and a large section of the public is keenly following Court proceedings on two separate cases involving former Finance Minister and Central Bank Governor, Dr Kwabena Dufuor and Business Mogul, Dr Papa Kwesi Nduom, following what appears to be a master plan in sync with an agenda linked to the Danquah institute, a powerful pro-NPP think tank.


Paragraph to reads…..”At all cost, Ken Ofori Atta, Nana Asante Bediatuo and Gabby Otchere Darko shall build a financial empire by giving them absolute control over all significant government contracts. They will be responsible for investigating and re-awarding of all existing contracts”

The agenda acknowledges the influence of then candidate Nana Akufo Addo, Gabby his cousin and Kennedy Agyapong but adds a caveat the Assin Central MP is not Akyem, may not be loyal forever and the need for the President to cut him to size if the NPP wins.

That document makes reference to Dr Papa Kwesi Nduom, a business mogul whose story will later reflect in this piece, Dr Kwabena Dufuor’s empire among other things and the need to overtake them in financial growth.

Dr Duffuor  and HODA Group  are currently fighting government over the revocation of Unibank’s license. Interestingly he together with some directors are facing prosecution for 68 charges which were recently amended to 71.

Dr Papa Kwesi Nduom, whose GN Bank was forced to fold up because of the pressure of panic withdrawals is also challenging the Central Bank over the revocation of the license of GN Savings and Loans.

The two are among 16 universal banks, 347 Microfinance Companies , 23 Savings and Loan companies and 53 Fund Managers collapsed since 2017 under the financial sector clean-up exercise.

Interestingly some of the affected were among the best performing financial institutions in Ghana.

Unibank for example, was in December 2017, been adjudged the 6th Best Performing Company in Ghana at the 16th edition of the Ghana Club 100 Awards.

UniBank, which was a wholly owned Ghanaian bank, focused on supporting and ensuring Ghanaian businesses thrive, was in July 2017 also adjudged Best Bank in Long term Finance at the 16th Ghana Banking Awards, held at the Labadi Beach Hotel.

The bank also whisked away four (4) other endorsements including ;1st Runner-up Best Growing Bank, 2nd Runner-up Best Bank in Customer Care, 2nd Runner-up Best Bank in Customer Advisory Services and 2nd Runner-up Corporate Social Responsibility.

The subject is still dominating public space especially after recent agitations by depositors calling on the President, Nana Akufo Addo to honour his promise to pay back all their locked up capital.

Last week, Presiding Bishop of Perez Chapel International, Bishop Charles Agyinasare waded into the crisis questioning the wisdom of government’s action.

In his virtual sermon on Sunday, 19 July 2020, themed: ‘Getting rid of envy’, Bishop Agyinasare blunty said same “demons” that possessed politicians in the days of old to collapse local businesses were still lingering and wreaking havoc.

“I have been asking myself: So, for Dr Kwabena Duffuor, under whose time as Minister of Finance, we had the best economic growth rate of 14 per cent, there was nothing we could do with his bank?”“What about Dr Papa Kwesi Nduom, who introduced or expanded susu banking and had branches than any commercial bank with more customers?. Then, my own Amoabeng, who helped me grow my money to my first $100,000, which I withdrew and gave out for the building of the Dome, as part of my contribution. Could nothing have been done to salvage some of these great institutions?” he queried.

He also cited JK Siaw’s West Africa, Tata Brewery, “Appiah Menka’s Apino Soap factory, business tycoon, Eddie Annan’s Masai Co. Ltd among others.


Source: Ghana|

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