Member of Parliament for Bolga Central Mr Isaac Adongo is accusing the Vice President of the republic of Ghana and the Governor of the Bank of Ghana, Dr Alhaji Mahamudu Bawumia and Dr Ernest Addison respectively of being ungrateful to Dr Kwabena Duffuor by victimizing his uniBank, when he was the one who gave them both a Banking career that has put them where they are today.

In a speech Mr Adongo gave to students of Tamale Technical University TEIN on Saturday, Mr Adongo warned the duo to be careful about cutting the hand that fed them.

Mr Adongo maintained that the Unibank takeover was avoidable, but Bank of Ghana boss and Dr Bawumia, using ‘political banking acrobatics’ chose to take over the Bank to victimize the hand that held them up and gave them a banking career.

“And Dr Mahamudu Bawumia, I want to tell him here and now, it was Dr Kwabena Duffuor who gave Dr Mahamudu Bawumia his career as a banker at the Bank of Ghana.” He told the students.

“I want to tell Dr Addison that it was Dr Kwabena Duffuor who recruited you into the Bank of Ghana and created a career path that led you to US and now you are back to Bank of Ghana”, he added, as the students paid rapt attention.

“You cannot cut the finger that fed you. And the people of Ghana must see the political angle to this story.”, he stressed.

In the speech delivered to the students of the Tamale Technical University TEIN, covered by MYNEWSGH.com, Mr Adongo also said the loan amount of 700 million cedis the Bank of Ghana wrote off was a deliberate ploy to cripple Unibank, as no bank would have survived that.

“You say you cannot understand why they (Unibank) were able to increase loans by 700 million. In one year you say Unibank paid 700 million.” He said.

“What do you do? You go on site, spend some time to audit their books and establish it”, Mr Adongo suggested.

“But you decide that you want to write off 700 million. When you write off 700 million against any bank in Ghana, it will register a negative capital adequacy. So they forced Unibank to register a negative capital adequacy so that they can kill it”. Mr Adongo alleged.

Background

The Governor of the Central Bank explained at a press conference that the Unibank has been taken over, and the takeover is due to challenges facing the bank.

He mentioned weak supervisory standards and weak operations as the cause of the challenges.

In a statement released after the press conference, the BoG said Unibank “persistently suffered liquidity shortfalls and consistently breached its cash reserve requirement.”

It said the bank has had to fall on the central bank for money to the tune of 2.2bn cedis since 2016 to enable it to operate. The central bank appears fed up with the lack of improvement in the bank’s fortunes despite the bail-outs.

Ernest Addison said the bank, adjudged the 6th best performing company in Ghana at the Ghana Club 100 awards in 2017, provided inaccurate data during the central bank’s effort to resolve the problems last year.

He assured depositors their money is safe, stressing “we are not liquidating the bank, we are saving it.”