The Minority in Parliament has issued a warning to the Finance Minister, Ken Ofori-Atta, and the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, against using the Ghana Amalgamated Trust Fund to acquire indigenous banks during the ongoing economic crisis.
Local banks have faced substantial losses due to the domestic debt exchange program initiated by Ghana’s $3 billion IMF bailout.
In response, the government is reportedly considering utilizing the Amalgamated Trust, a fund that provides financial support to banks, to take over struggling local banks.
Addressing the media at Parliament, the Minority, in expressed concern over this alleged move and accused the government of using the Amalgamated Trust to coerce shareholders of Ghanaian banks into surrendering their ownership.
They expressed fear this could result in the transfer of banks into the hands of the government’s associates.
Isaac Adongo, the Minority spokesperson on Finance, issued a stern warning and vowed that any such actions would be thoroughly investigated by a future NDC administration.
He emphasized the importance of safeguarding Ghanaian investors in the banking industry and cautioned against any manipulative tactics leading to the transfer of Ghanaian-owned banks to government cronies.
The Minority’s cautionary stance comes just ahead of the Minister for Finance’s mid-year budget review, adding further significance to the ongoing economic discussions and policy decisions.