The Member of Parliament (MP) for Bolgatanga Central constituency, Isaac Adongo has served notice to government to brace itself for heated days ahead following the Bank of Ghana’s (BOG’s) decision to revoke the licences of some Savings and Loans companies deemed insolvent.

According to the outspoken lawmaker, the Nana Addo led administration in the past four weeks has had a field day in recklessly collapsing financial institutions in the country. He intimated that his silence and that if his colleagues in Parliament was as a result of their busy engagements in campaigns leading to the parliamentary primaries held on Saturday August 24, 2019.

A statement from the BoG issued on August 16, 2019 said ”the Bank of Ghana has with effect from today, completed the clean-up of the banking, specialized deposit-taking (SDI), and non-bank financial institutions (NBFI) sectors which began in August 2017.”

According to the BoG, it has revoked the licences of 9 universal banks, 347 microfinance companies, 39 microcredit companies, 15 savings and loans companies, eight finance house companies, and two non-bank institutions.

The licences revocation, has received some mixed reactions from stakeholders and Ghanaians with many expressing their reservations at the modus operandi of the BoG in cleaning up the financial sector.

It has also been projected that over 2,000 jobs would be lost following the collapse of the financial institutions.

Addressing jubilant supporters of the National Democratic Congress (NDC) in Bolgatanga on Saturday after being declared winner of the parliamentary primaries in the Bolgatanga Central constituency, Isaac Adongo said government’s ‘holidays’ are over as he served notice of an impending crucial analysis and exposition of government and the BoG in collapsing some Banks and Savings and Loans companies.

“I want to send this word of caution to the incompetent government that over the last four weeks, they have been on holiday because we have been fighting our primaries and we have not been commenting on the reckless collapse of the Ghanaian financial sector.

In the next couple of weeks, the NDC is back with my colleagues Hon. Ato Forson, with my colleague Hon. Haruna Iddrisu and with all my colleagues in Parliament to hold the feet of government to fire and to restore the confidence that has been lost in the Ghanaian financial sector,” he declared.

The now parliamentary candidate of the National Democratic Congress (NDC) in the Bolgatanga Central constituency declared that he has secured his seat in the next parliament, a fate the New Patriotic Party (NPP) wished never happened.

He said “The NPP wish that I would stay at home but unfortunately for them the people of Bolga have demonstrated that they are behind me and I’ve no fear but to fight against the course of retaining the NPP”.

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Isaac Adongo won the parliamentary primaries with a total of 843 votes hence beating his contender George Gamson who polled 226 votes.