Reputable businessman, Oscar Yao Doe has sent a loud warning to commercial banks in Ghana who are currently declining the private sector of credit facilities in favour of the public sector to be wary of the kind of trap banks that recently went insolvent were pushed into. The Doscar Group Holdings Chairman in a short public post this afternoon was reacting to a news story by Ghanaweb which quoted a Bank of Ghana’s Banking Sector Report.
Ghanaweb reported that Commercial banks in the country are beginning to favour lending to the public sector rather than the private sector, according to the Bank of Ghana’s Banking Sector Report.
According to the report, the share of private sector credit in total advances made by banks in the eight months of the year declined while loans to the public sector inched up.
He warned the banks to learn from the refusal to pay the debts owed some of the recently proscribed banks by the government, which formed a major part of the problems that led to their collapse.
HRH Doe in the post, also sarcastically knocked the men that oversaw the recent reforms in the banking sector that had been greeted with mixed reactions; Ken Ofori-Atta, Ernest Addison and Nii Amanor-Dodoo.
He wrote …
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BREAKING NEWS: GHANA IS NOW DECLARED GOVERNMENT OWNED & CONTROLLED ECONOMY! MAJOR BUSINESS ACTIVITIES ARE NOW IN THE HANDS OF GOVERNMENT OWNED INSTITUTIONS, CONGRATULATIONS TO HON.KEN 14 BILLION GHS OFORI-ATTA, EMPTY HEADED GOVERNOR REVOCATION ERNEST ADDISON, NII BUTCHER DECEIVER-DODOO UNDER THE SUPERVISION OF OUR OWN UNCLE PRESIDENT AKUFFO I DON'T CARE ADDO. WARNING TO THIS BANKS FOCUSING THEIR LOAN PORTFOLIOS ON GOVERNMENTS INSTITUTIONS, REMEMBER KEN OFORI-ATTA AND CO REFUSED TO PAY THE GOVERNMENT OF GHANA DEBTS OWED TO GHANAIAN BANKS THROUGH LOCAL CONTRACTORS, AND YET THEY USED THAT AS EXCUSE ( INSOLVENT) TO DESTROYED OUR GHANAIAN OWNED BANKS. BE CAREFUL, GOVERNMENT DEBTS IS NOT GUARANTEE IN GHANA. GUIDE YOURSELF WITH RECENT HISTORY.
In a new post on Instagram, HRH Oscar Doe wrote :
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REMINDER: COMMERCIAL BANKS IN GHANA, DO NOT GET CARRIED AWAY GIVING TOO MUCH LOANS TO GHANA'S GOVERNMENT INSTITUTIONS AT THE DETRIMENT OF THE PRIVATE SECTOR, IT'S HIGHLY LIKELY THAT FUTURE ADMINISTRATIONS MAY ALSO REFUSE TO REPAY THE LOANS TAKEN UNDER PRESIDENT AKUFFO ADDO: A NEW ADMINISTRATION COULD SAY IT'S NOT THEIR RESPONSIBILITY BUT RATHER, IT'S PRESIDENT AKUFFO ADDO'S DEBT AND NOT GHANA GOVERNMENT DEBT AS WAS DONE RECENTLY TO OUR GHANAIAN OWNED BANKS BY HON KEN WICKED OFORI-ATTA AND CO DISOWNED GHANA'S GOVERNMENT CONTRACTORS DEBT SAYING IT'S PRESIDENT JOHN MAHAMA'S DEBT AND THAT WAS THE EXCUSE THEY RELIED ON, TO REVOKE THE LICENSES OF MANY GHANAIAN OWNED BANKS AND SAY THE OWNERS IN THEIR FACES: "GO DIE" JUST LIKE THAT (END OF STORY) SO BE CAREFUL. A WORD OF ADVICE IS ENOUGH FOR THE WISE.