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Sanitising Banking Sector Should Be Done With Caution

A flagbearer hopeful of the opposition National Democratic Congress has faulted the Bank of Ghana’s decision to dissolve seven indigenous banks.

While he believes the regulator has a statutory duty to “sanitize the sector” Nurideen Iddrisu, who is a banking consultant, said the situation would have been better had the Bank of Ghana proceeded cautiously.

Mr Iddrisu said the fallout in the collapse of the seven banks, and its attendant job losses would not have happened if the BoG had intervened with at least ¢4 billion bailout plan to support the banks and adhere to strict corporate governance rules.

He did not understand why the regulator rather chose to sink over ¢8 billion after it collapsed the seven banks when it could have used half of that amount to save the banks and protect jobs.

“You are going to spend taxpayers money, about ¢8 billion you could have used half to bail out the banks because you came into power in 2016. You licensed some of the banks. It means you didn’t do your due diligence well. So what I am going to do differently is that I am going to get the institutions up and doing. I am going to ensure we have strong and robust institutions,” Nurideen Iddrisu said on Joy News’ Pulse programme, Thursday.

He was even more disappointed with the job losses that have attended the collapse of the banks.

“We saw it coming. If we cared about our economy we could have prevented it. You can’t just lay people off without due process,” he stated.

Mr Iddrisu is one of eleven flagbearer hopefuls to have expressed their intention to lead the party into the 2020 elections.

He is in contention with the former president John Mahama, and leading members of the NDC including second Deputy Speaker of Parliament Alban Bagbin, former Trades Minister Ekwow Spio Garbrah, and former Rector of University of Professional Studies Accra Prof Joshua Alabi.

While he admits the challenge at hand is a tall order, the oil and gas consultant and Executive Chairman of the Deen Petroleum is unfazed.

“There is a paradigm shift in the country where the youth, the aged are calling for a youthful, strong and vibrant young man to come and run the affairs of this country. People are disillusioned. They need a businessman, they need empowerment,” he said, adding, “All that I want to see is to have the indigenous Ghanaian empowered.”

Mr Iddrisu outlined sectors of the economy including the pharmaceutical industry, construction, oil and gas which he would concentrate on and build millionaires from these areas.

National Plan
The Flagbearer aspirant bemoaned what he said is the absence of a clear national plan which will rally all Ghanaians towards a development.

He said the current development framework, exists only in name but without a clear vision and support of all Ghanaians.

Nurideen Iddrisu promised a five-year development which will receive the buy-in of all stakeholders, including members of the opposition as well as the civil society groups.

That framework, he maintained will be so popular, that no matter which sector one occupies in the economy, that person will know about it and play a role towards its implementation.

Unifier
Describing himself as the unifier, the oil and gas consultant said he belongs to no camp or faction within the party and can work with any of the candidates.

He challenged the delegates within the NDC to make the right choice during the internal party election.

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