{"id":1664,"date":"2023-02-01T16:31:00","date_gmt":"2023-02-01T16:31:00","guid":{"rendered":"http:\/\/parliamentnews360.com\/?p=1664"},"modified":"2023-02-04T04:42:42","modified_gmt":"2023-02-04T04:42:42","slug":"mahama-ayariga-appeals-to-bog-governor-to-protect-private-banks-amidst-debt-exchange-proposals","status":"publish","type":"post","link":"https:\/\/parliamentnews360.com\/index.php\/mahama-ayariga-appeals-to-bog-governor-to-protect-private-banks-amidst-debt-exchange-proposals\/","title":{"rendered":"Mahama Ayariga Appeals to BoG Governor to Protect Private Banks amidst Debt Exchange Proposals"},"content":{"rendered":"\n

The Member of Parliament for the Bawku Central constituency, Mahama Ayariga, has called for the mobilization of the available intellectual competencies and political forces to defend the bona fides property rights of owners of private banks in Ghana.<\/strong>
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According to him, this will constitute the greatest dereliction of duty of the political class if it is not treated with the sense of urgency it deserves.
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Adding that, it could lead to \u201cthe collapse of present owners of these banks and the takeover of these banking interests, similar to what was orchestrated in the PDS saga and the intended \u2018Agyapa\u2019 deal,\u201d which \u201cwill capriciously, unlawfully and criminally transfer enormous wealth and concentrate it in the hands of those who might enjoy the patronage of the Minister of Finance.\u201d
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This was contained in a letter addressed to the Governor of the Bank of Ghana over concerns of the effects of the current Domestic Debt Exchange Programme being pursued by the President Akufo Addo led Government.
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The Minister of Finance has announced a debt restructuring programme involving a debt exchange by government domestic bond holders. Banks in Ghana hold about half of the entire domestic bonds of the Government of Ghana and individuals hold 11% of the Government bonds.
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The Minister of Finance has compelled domestic banks to \u201cvoluntarily\u201d engage in a debt exchange with the Government in relation to the bonds they hold. This involves reduced coupons and deferred payments.
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The MP contends in his letter that the Domestic Debt Exchange Programme will emasculate domestic private banks, as they will face capitalization and liquidity problems given that they will not receive timely and appropriate coupon payments from their bond holder (Government of Ghana).
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He also contends that the directive of the Minister of Finance, to those banks he has so emasculated, to approach the Ghana Amalgamated Trust Plc (GAT) for support from the Ghana Financial Stability Fund (GFSF) opens them up to a takeover by investors in the GAT, if the Ghana Financial Stability Fund is not wholly publicly funded.
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He further contends that political patronage and nepotism will inform the ultimate purchase of the shares in the private banks once GAT begins to dispose off these shares to realize the investments made in those banks (if GAT is not publicly funded).
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And finally concludes that the policy and strategic options chosen by the Finance Minister enables the illegal and unconstitutional expropriation of the private property of the present owners of domestic private banks and, possibly, private international banks operating in Ghana.
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According to the Bawku Central Lawmaker, he has addressed this letter to the Governor of the Bank of Ghana to direct his attention to the lapses, potential criminal schemes and dangers that he must thoroughly investigate and take steps to prevent because he bares ultimate responsibility.
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\u201cI write to you the Governor of the Central bank because you have ultimate responsibility for the health and well-being of the financial sector in Ghana. Its collapse under your watch indicts you,\u201d he indicated.
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Source: Clement Akoloh||parliamentnews360.com<\/p>\n","protected":false},"excerpt":{"rendered":"

The Member of Parliament for the Bawku Central constituency, Mahama Ayariga, has called for the mobilization of the available intellectual competencies and political forces to defend the bona fides property rights of owners of private banks in Ghana.<\/p>\n","protected":false},"author":2,"featured_media":1665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[982,979,983,980,981,500],"class_list":{"0":"post-1664","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general-news","8":"tag-bank-of-ghana","9":"tag-bawku-central","10":"tag-domestic-debt-exchange","11":"tag-dr-ernest-addison","12":"tag-governor-of-the-bank-of-ghana","13":"tag-mahama-ayariga"},"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n