September 27, 2018

Investment Banker and Member of Parliament for Cape-Cost South, Kwaku Ricketts-Hagan has said the monster called Consolidated Bank is basically going to be a toothless bank.

According to the Cape-Cost South lawmaker, the bank would not have the courage to lend, there would be so many blocks in place.

“If a bank is unable to lend, what is its job, because banks only make money through lending, so if they are unable to do this they would become a monster seating there consuming money coming from tax payers”, he lamented.

In an interview he pointed out that with the collapse of the banks government has created a bank that is too big to fail and added that if the bank is running inefficiently government would continue to pump money in it.

“Our money, because if the consolidated bank fails it would be an indictment on Central Bank, when they tell you how much money had been pumped into the bank you would ask how did this happen”.

Mr. Kweku Ricketts-Hagan said the best thing government could have done was to put the six collapsed banks together and create three banks out of it, that is pair the banks and force  them into merger.

You then  place them on receivership,  so that somebody would be working with them, you allow this accounting firm to monitor them, any money given them by the Central Bank it would have been known  how that money is being used, he said.

In addition decisions in the boardroom would not be taken by the board and shareholders, but would be taken by the board and receivers who are sitting in there on behalf of government until they nurse them back to health.

By: Kwaku Sakyi-Danso/