The Majority Leader and Minister for Parliamentary Affairs, Osei Kyei Mensah Bonsu has disclosed that the erstwhile National Democratic Congress (NDC) administration gave Ghana’s sovereign bond proceeds to a private Bank to manage.
Falling short of mentioning the name of the bank, the ruling New Patriotic Party Member of Parliament for Suame Constituency in the Ashanti Region said there was crass mismanagement of the banking and financial sector of the country in the previous administration.
This he opined explains that collapse of the seven indigenous banks including Capital, UT and Unibank.
Mr. Mensah Bonsu also recalled the incident in which millions of dollars was flown to Brazil to pay the bonuses of players and officials of the Senior National Team, the Black Stars, noting that the money was loaned to the government by the private bank.
‘’It is the nation’s money that was given to the private bank and the private bank then turned around and loaned the money to government and that was how come they got the money to fly to Brazil and effect the payment. So these were some of the things that culminated in the collapse of the banks’’ he said.
According to him, it was after the current government took over the reins of political power and investigated the matter that the extent of rot in the system was uncovered.
‘’The government was aware that what it was doing was wrong because it was when this government came in and detected that all the monies had been given to private banks and when it was taken away from them the banks collapsed’’ he added