Ghana is riddled with so many controversies, chief amongst them being financial controversies. Whiles Capital Bank is the talk of the town currently are they the only ones failing Ghanaians currently? Is the BoG really serving the country’s interest?
The Capital Bank scandal has adversely impacted an already financially distorted nation even further. Capital Bank was granted a bailout by the BoG. After being granted the bailout, Capital Bank spent the money in ways many deem to be wholly idealistic and not pragmatic. The issue has seen Pastor Mensa Otabil suffer attacks on his person.
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As the chairman of the board of the now defunct Capital Bank, he is liable to be held responsible. And whiles there is no disputing his work as a man of God, this is a totally different field, one outside spirituality and religion. The issue here is whether he along with his board took the right decisions with the taxpayers money, evidently they did not.
And whiles social media campaigns have been started to support the great man, he ought to be judged solely on this issue with none of his previous deeds playing a role. In other words lets put the pastoral title aside and look at the issue at hand. Truth be told the money was mismanaged by the people over at Capital Bank. Was it misappropriation of funds or flaws in judgement on both the parts of the BoG and Capital Bank?
More so the bailout was funded by the taxpayer, therefore before you get up and stand picking sides, the critical question is who is suffering, who is being affected? How’s the 610 million Ghana Cedis going to be refunded?
How does this big dent in the economy get fixed? The ones going to be affected the most are the citizens of course, especially the average citizens who are carried to-and-fro by the state of the economy. In the long run, the citizens are going to be the ones made to refund this money thus compromising their standard of living whiles the people responsible roam free.
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Also the folks over at Menzgold will be shocked by the graciousness and generosity of the BoG. If the BoG could find ways and means to help Capital Bank recover and operate, could it not also deal with Menzgold with the same level of civility. Menzgold may not be headed by a great man of God but it is headed by businessman Nana Appiah Mensah.
Menzgold is not in need of a bailout but the constant attacks on their business by the BoG especially when they are operating in the UK, Spain and Nigeria without all this brouhaha, you are forced to ask yourself whether these attacks are personal? Is someone behind the scenes trying to manipulate the situation to his or her benefit?
( via: GhKings – http://ghkin.gs/mdk8y )