Former General Secretary of the ruling New Patriotic Party (NPP), Kwabena Agyei Agyepong, has stated that Ghanaians must blame the banking regulators for the banking sector crisis.
He believes the inspectorate division and the supervisory body failed Ghanaians long before the banking crisis began.
In a recent interview on Rainbow Radio 87.5FM’s Frontline, he explained that the crisis was caused by a failure on the part of our regulatory body.
The country’s supervisory and regulatory bodies let the sector down long before the banking crisis began.
“You cannot have a situation in which people mismanage banks to the point where the Bank of Ghana gives them our taxpayers’ money in the form of liquidity support, then they share the money, and these guys are still walking the streets of Accra.
A strict penalty regime is required. People were imprisoned for similar offences around the world.”
He stated that anyone who contributed to the banking crisis should be prosecuted and imprisoned.
“A similar incident occurred in Malaysia, and people were sanctioned. The Prime Minister was implicated in this, and he was sanctioned. Our sanctions regime in Ghana is inadequate. To serve as a deterrent, we must strengthen the sanction regime.”
It will not encourage business confidence if we do not impose these sanctions on those who caused the mess,” he added.
By: Rainbowradioonline.com/Ghana
