A Letter to Dr. Bawumia on the Banking Sector Crisis

Dr Bawumia

Economist bulldozes Bawumia with 555 Questions on the Banking Sector Crisis 

Mr. Vice President, I write to remind you of your deliberate diabolism in handling the self-imposed banking sector crisis. I promised you some questions on the crisis in my previous letter entitled Your 7% Average GDP Growth very useless: Economist chases Bawumia with 301 Questions in a Letter. In that letter, I proved to Ghanaians why your three-month average GDP growth of 7% is very useless. Today, Ghana is expected to grow at 0.90%, while countries like Benin, Togo, Burkina Faso, etc., are growing at 6.9%, 5.3%, and 5.7%, respectively. My concern in this current episode of the Mordey-Bawumia series has to do with the 958,000 job losses caused by the banking sector crisis and its ramifications on the economy of Ghana. 

The flow of money in the economy is analogous to that of human blood circulation. The blood transmit digested food to the various cells in the body, oxygen from the respiratory surface to the buccal cavity of the human tissues, and carbon dioxide from the tissue to the respiratory surface, among others. These transmissions are carried out by the arteries in the human body just as the banks work in the economy. The banks are in the business of transmitting funds from surplus units to deficit units in the economy by collecting deposits and lending them to entities and individuals for various economic activities. Therefore, the banking sub-sector of the service sector serves as the accelerator of economic growth. Dr. Bawumia, I gave you this hypothetical lecture for you to appreciate the role of the banks in ensuring sustainable development. Your government chose to destroy the very foundation, which has been celebrated all over the world as the anchor for mobilizing savings and investment for growth. The 2017-2020 banking sector crisis has resulted in a reduction in the service sector’s contribution to total output from 56.8% in 2016 to 44.1% in 2019 and is expected to dip further to about 39.5% by the end of 2020. Mr. Vice President, you ought to explain to Ghanaians the reason behind such a development. You are in a better position to provide the appropriate response to the issues at hand and the 555 questions in the subsequent paragraphs of this letter.

Before I proceed, please permit me to review the findings in the 2015 banking sector report of the Bank of Ghana (BoG), which according to you, provided the justification for the closure of 9 local universal banks, 53 fund management firms, and 347 microfinance and microcredit companies in the country. Mr. Vice President, you failed to peruse the report thoroughly as expected of every economist but jumped in the gun to destroy local banks and many other financial institutions in the country. The report suggests that despite the reduction in banks’ total revenue, net profit after tax, asset quality, liquidity and share of income from fees and commission as well as rising operational inefficiencies in 2015, there seems to be some appreciable increase in interest income from loans and investment income share. The BoG concluded that the banking sector was sound and solvent enough to service essential obligations in the industry. Interestingly, the central bank also expected the banks to improve their performance following the fixing of the then energy sector crisis (solved by the NDC government) and enhanced fiscal consolidation (executed by the NPP government) coupled with the emerging stability in the exchange rate movement (as a result of instabilities in the US economy and the coronavirus pandemic).

Yet, there were fundamental issues with the banking sector, which needed to be fixed. The problems at hand demanded pragmatism and not political witch-hunting and aggrandizement. Mr. Vice President, instead of triggering Section 62 and 70 of the Bank of Ghana Act of 2002 (Act 612), which mandate the BoG to provide training programmes for the licensed banks on asset management, you chose to ineptly provide them with liquidity support and later collapsed them after you sensed wastages. For instance, instead of applying the law as expected, you chose to grant seven banks (United Trust (UT) Bank, Capital Bank, Beige Bank, Sovereign Bank, Construction Bank, The Royal Bank, and UniBank) GHC4.7 billion and another GHC10 billion to take care of depositors’ demands. Having committed our scarce resources to such needless decision, you went on to collapse those banks and expended an additional GHC6.3 billion to no avail. In all, you wasted our GHC21 billion to collapse our indigenous banks and many other financial institutions that needed just GHC6 billion to survive through training programmes and a few investments (Section 2A of Bank of Ghana (Amendment) Act of 2016, Act 918)  in the provision of liquidity. Dr. Bawumia, I won’t let you go scot-free; you deserve my 555. I need answers to the following questions on the banking sector:

Fundamental Issues

  1. Have you personally read the 2015 banking sector report of the BoG?
  2. If yes, what informed your decision to allow the BoG to collapse the financial institutions?
  3. Do you understand the role of banks in accelerating growth and development?
  4. Do you understand why the closure of just one bank can trigger the collapse of firms in unrelated industries?
  5. Does it make economic sense to increase the minimum capital requirement by 233.3% just to collapse the local banks while keeping the colonial banks and other foreign banks in operation?
  6. Are you happy about the 958,000 job losses caused by the banking sector crisis? The crisis activated the closure of companies from other industries leading to a massive layoff of labour across the country. 
  7. Do you know that after your so-called banking sector reform, the banks’ return on equity has fallen from 21.4% in 2015 to 19.9% in 2019?
  8. Do you also know that after your so-called banking sector reform, the banks’ return on assets has fallen from 4.5% in 2015 to 4.1% in 2019?
  9. Again, do you know that after your so-called banking sector reform, the banks’ return on earning assets has reduced from 6.1% in 2015 to 5.6% in 2019?
  10. Do you know that after your so-called banking sector reform, the banks’ return on earning assets has fallen from 13.8% in 2015 to 10.9% in 2019?
  11. Do you understand why the issue of unemployment remains relevant in this year’s election?
  12. Why has the service sector’s contribution to total output reduced from 56.8% in 2016 to 44.1% in 2019?
  13. Why is Ghana expected to grow at 0.90% in 2020?
  14. What have you done with the coronavirus cash of over US$2.5 billion in less than two years?
  15. What is your take on the loss of about GHC9.6 billion to corruption annually?
  16. Your boss, the President of the Republic of Ghana, was caught on camera collecting a bribe of US$40,000 to consider the stay-in-office of the Urban Roads Director, explain.
  17. Can you take a bold step to resign as vice president to support the fight against corruption?

Mr. Vice President, Ghanaians are demanding a comprehensive report on the collapse of the following banks:

  1. UT Bank
  2. Capital Bank
  3. Beige Bank
  4. Sovereign Bank
  5. Construction Bank
  6. The Royal Bank
  7. UniBank
  8. GN Bank

We also need a similar report on the closure of the following microfinance and microcredit companies in the country:

  1. 1st Eye Microfinance Company Limited
  2. Abepa Microfinance Limited
  3. Acea Microfinance Co. Limited
  4. Adom Sika Microfinance Limited
  5. Advalue Microfinance Limited
  6. Ae Microfinance Company Limited
  7. Af Microfinance Company Limited
  8. Afrique Capital Microfinance Limited
  9. Akad Microfinance Limited
  10. Aki Microfinance Company Limited
  11. All Ghana Microfinance Limited
  12. All Inclusive Microfinance Limited
  13. Alliancetrust Microfinance Limited
  14. Amisgold Microfinance Services Limited
  15. A-N Microfinance Services Limited
  16. A-One Trust Microfinance Services Limited
  17. Appiaduman Microfinance Limited
  18. Aspet-A Microfinance Limited
  19. A-Star Microfinance Limited
  20. Axis Direct Microfinance Company Limited
  21. Benkoson Microfinance Limited
  22. Best Microfinance Services Limited
  23. Bluehills Microfinance Limited
  24. Boafo Ne Nyame Microfinance Limited
  25. Bodev Microfinance Limited
  26. Boin Microfinance Limited
  27. Bonamax Microfinance Company Limited
  28. Brite Life Microfinance Limited
  29. Broadview Capital Microfinance Limited
  30. Capital And More Microfinance Company Limited
  31. Capital Connect Microfinance Limited
  32. Cash Multitrust Microfinance Limited
  33. Cashphase Microfinance Company Limited
  34. Cashplus Microfinance Limited
  35. Christian Community Microfinance Limited
  36. Citizen Capital Microfinance Limited
  37. City Credit Microfinance Limited
  38. Connect Capital Microfinance Limited
  39. Cottage Microfinance Limited
  40. Credability Investment And Microfinance Limited
  41. Crown Capital Microfinance Limited
  42. Crown House Microfinance Limited
  43. Cymain Capital Microfinance Limited
  44. Cypress Microfinance Company Limited
  45. Dahinsheli Microfinance Limited
  46. Daily Capital Microfinance Limited
  47. Datacash Microfinance Limited
  48. Dbm Microfinance Limited
  49. Delight Microfinance Company Limited
  50. Des Microfinance Limited
  51. Dolphin Microfinance Services Limited
  52. Donewealth Microfinance Limited
  53. Dove Microfinance Company Limited
  54. Dpf Microfinance Limited
  55. D-Vanc Microfinance Limited
  56. Dwetire Microfinance Limited
  57. Easyfast Microfinance Limited
  58. Ebenezer Microfinance Company Limited
  59. Eclipse Microfinance Limited
  60. Emefs Microfinance Limited
  61. Emeralf Microfinance Limited
  62. Emerge Microfinance Limited
  63. Emeton Microfinance Services Limited
  64. Empire Credit Microfinance Limited
  65. Emwl Microfinance Company Limited
  66. Et Microfinance Limited
  67. Evergreen Microfinance Limited
  68. Expressway Microfinance Limited
  69. Fast Track Capital Microfinance Limited
  70. Financial Republic Microfinance Company Limited
  71. Fino Microfinance Limited
  72. First Call Microfinance Company Limited
  73. First Liberty Microfinance Limited
  74. Fountaingate Microfinance Limited
  75. Frontier Capital Microfinance Limited
  76. Frontline Microfinance Limited
  77. Fts Capital Microfinance Limited
  78. Future Leaders Microfinance Limited
  79. Gab Microfinance Limited
  80. Gad Microfinance Limited
  81. Galaxy Microfinance Limited
  82. Geo Multi Microfinance Limited
  83. Gg Credit Microfinance Company Limited
  84. Ghabsy Microfinance Limited
  85. Giant Steps Microfinance Services Limited
  86. Global Feed Microfinance Limited
  87. Global Trust Microfinance Services Limited
  88. God Is Perfect Microfinance Limited
  89. Goldman Capital Microfinance Co. Limited
  90. Great Nation Microfinance Limited
  91. Greenfield Microfinance Services Limited
  92. Hegis Microfinance Limited
  93. Heritage Microfinance Limited
  94. Hodidi Microfinance Company Limited
  95. Home Support And Allied Microfinance Limited
  96. Idos Microfinance Limited
  97. Integrity Capital Microfinance Limited
  98. Jcf Consumer Microfinance Limited
  99. Jdc Microfinance Company Limited
  100. Jefam Microfinance Company Limited
  101. Jidai Microfinance Limited
  102. Jw Microfinance Limited
  103. Kingdave Microfinance Limited
  104. Kingsbridge Microfinance Limited
  105. Kka Empire Microfinance Limited
  106. Kwahu Microfinance Company Limited
  107. Lake View Microfinance Limited
  108. Legend Microfinance Co. Limited
  109. Liberty Dmi Microfinance Limited
  110. Liberty Trust Microfinance Limited
  111. Lj Cashplus Microfinance Limited
  112. Lloyds Capital Microfinance Limited
  113. Mace Microfinance Limited
  114. Masadar Microfinance Limited
  115. Melbond Microfinance Limited
  116. Meridian Microfinance Limited
  117. Micaid Microfinance Company Limited
  118. Mop Microfinance Limited
  119. Multi Money Microfinance Company Limited
  120. Multibility Microfinance Limited
  121. Nas Microfinance Company Limited
  122. Nationwide Microfinance Limited
  123. New Business Microfinance Limited
  124. New Image Microfinance Limited
  125. New Ways Microfinance Limited
  126. Nkosuo Microfinance Limited
  127. 1 Microfinance Company Limited
  128. Ofs Microfinance Company Limited
  129. Optimal Microfinance Limited
  130. Osomufo Microfinance Limited
  131. Oval Microfinance Limited
  132. Paragon Microfinance Company Limited
  133. Pathway Microfinance Limited
  134. Pearlhouse Ghana Microfinance Limited
  135. Peesam Microfinance Limited
  136. Perebrim Microfinance Company Limited
  137. Planet Microfinance Limited
  138. Planters Capital Microfinance Company Limited
  139. Prime Guaranty Fsl Microfinance Limited
  140. Primecredit Microfinance Limited
  141. Primus Microfinance Limited
  142. Prof Microfinance Limited
  143. Progressive Microfinance Company Limited
  144. Pronto Microfinance Limited
  145. Proseed Microfinance Company Limited
  146. Purpose Microfinance Limited
  147. Q-Star Investments & Microfinance Limited
  148. R&J Gateway Microfinance Services Limited
  149. Rancare Microfinance Limited
  150. Redeemer Microfinance Limited
  151. Renaizance Capital Solutions Microfinance Limited
  152. Reob Fekams Microfinance Company Limited
  153. Rightway Microfinance Limited
  154. Rivers Capital Microfinance Limited
  155. Ropa Microfinance Limited
  156. Ross Capital Microfinance Limited
  157. Royal Steps Microfinance Limited
  158. Royalty Capital Microfinance Limited
  159. Safenet Microfinance Limited
  160. Samag Microfinance Limited
  161. Savannah Microfinance Limited
  162. Savplus Microfinance Services Limited
  163. Silver Trust Microfinance Company Limited
  164. Solid Rock Microfinance Limited
  165. Solutions Microfinance Limited
  166. Sources Unlimited Microfinance Limited
  167. Sovereign Microfinance Limited
  168. Standard Trust Microfinance Limited
  169. Star Alliance Microfinance Limited
  170. Starling Microfinance Services Limited
  171. Startwell Microfinance Company Limited
  172. Supreme Trust Microfinance Limited
  173. The Orange Capital Microfinance
  174. The Rashards Microfinance Limited
  175. The Trustline Microfinance Company Limited
  176. Ti Microfinance Limited
  177. Total Discount Microfinance Limited
  178. True Life Capital Microfinance Limited
  179. Trust Link Microfinance Limited
  180. Trust Microfinance Company Limited
  181. Turnstar Microfinance Limited
  182. Unik Life Microfinance Limited
  183. Unique Microfinance Limited
  184. Unique-Mas Microfinance Company Limited
  185. Vision Credit Microfinance Limited
  186. Voa Microfinance Limited
  187. We Enable Microfinance Limited
  188. Wintrust Microfinance Limited
  189. Wondaland Microfinance Limited
  190. Yan Microfinance Company Limited
  191. Yeken Microfinance Limited
  192. Yoli Microfinance Company Limited
  1. 72 Hours Microfinance Company Limited
  2. Abis Plus Microfinance Limited
  3. Acit Capital Microfinance Limited
  4. Adwenpa Microfinance Limited
  5. Adwumaden Microfinance Limited
  6. African Trust Microfinance Limited
  7. Ag Microfinance Limited
  8. Agt Microfinance Company Limited
  9. Allot Microfinance Company Limited
  10. Arhinpa Microfinance Limited
  11. Attention Microfinance Limited
  12. Av Global Microfinance Limited
  13. Beaconcity Microfinance Company Limited
  14. Bedel Microfinance Limited
  15. Bengay Microfinance Company Limited
  16. Better Life Microfinance Company Limited
  17. Big Dreams Microfinance Limited
  18. Bik Microfinance Company Limited
  19. Boatem Microfinance Limited
  20. Boavole Microfinance Limited
  21. Brisk Credit Microfinance Limited
  22. C.I.G. Microfinance Limited
  23. Capital House Microfinance Limited
  24. Capital Line Microfinance Limited
  25. Captains Microfinance Company Limited
  26. Casablanca Microfinance Limited
  27. Cashbridge Microfinance Limited
  28. Cc Microfinance Limited
  29. Citizens Resource Microfinance Limited
  30. Comaid Microfinance Limited
  31. Comba Microfinance Limited
  32. Common Capital Microfinance Limited
  33. Community Microfinance Limited
  34. Crucial Times Microfinance Limited
  35. Cypress Cedar Microfinance Company Limited
  36. Daa Nhyira Microfinance Company Limited
  37. Dc Microfinance Company Limited
  38. Dems Microfinance Company Limited
  39. Dg Capital Microfinance Limited
  40. Divine Fortunes Microfinance Limited
  41. Divine Microfinance Limited
  42. Dwadifo Adanfo Microfinance Company Limited
  43. Dynasty Microfinance Services Limited
  44. Eden Microfinance Limited
  45. Ekoba Get Rich Microfinance Limited
  46. Elite Microfinance Limited
  47. Ellis Microfinance Limited
  48. Era Microfinance Services Limited
  49. Excel United Microfinance Limited
  50. First Fidelity Microfinance Limited
  51. Flexi Microfinance Limited
  52. Focus Link Microfinance Company Limited
  53. Fortress Microfinance Company Limited
  54. Frankaman Microfinance Company Limited
  55. Giant Gait Microfinance Limited
  56. G-Life Microfinance Limited
  57. Global One Microfinance Company Limited
  58. Gmet Microfinance Limited
  59. Godigo Microfinance Limited
  60. Golden Trust Microfinance Company Limited
  61. Goldpot Microfinance Limited
  62. Goodnews Microfinance Company Limited
  63. Halal Microfinance Limited
  64. High Prestige Microfinance Services Limited
  65. Hog Microfinance Limited
  66. Ics Microfinance Limited
  67. Ik Microfinance Limited
  68. Instant Microfinance Limited
  69. Investsure Microfinance Limited
  70. Jada Microfinance Limited
  71. Jays Microfinance Limited
  72. Jopat Microfinance Company Limited
  73. Jorbies Microfinance Limited
  74. Joyhelp Microfinance Limited
  75. Joyprin Microfinance Company Limited
  76. K. A. D. Microfinance Limited
  77. Kanafin Microfinance Services Limited
  78. Kapital Express Microfinance Company Limited
  79. Karsi Microfinance Limited
  80. Kenlasab Microfinance Limited
  81. Kingdom Trust Microfinance Limited
  82. Landmark Microfinance Limited
  83. Last Chance Microfinance Company Limited
  84. Latter Rain Microfinance Limited
  85. Lead Capital Microfinance Limited
  86. Lead Global Microfinance Limited
  87. Leap Credit Microfinance Limited
  88. Light Microfinance Limited
  89. Liquidity Solutions Microfinance Limited
  90. Liyac Microfinance Company Limited
  91. Loyal Shepherd Microfinance Limited
  92. Mallon Microfinance Company Limited
  93. Man Capital Microfinance Company Limited
  94. Mars Microfinance Limited
  95. Megamitch Microfinance Limited
  96. Micrene Microfinance Limited
  97. Mighty Microfinance Limited
  98. Mokap Microfinance Limited.
  99. Moneyshop Microfinance Limited
  100. Moore Naara Microfinance Limited
  101. Mt Microfinance Limited
  102. Nativity Microfinance Services Limited
  103. Niva Microfinance Limited
  104. Noble Dream Microfinance Limited
  105. Obaatanpa Microfinance Company Limited
  106. Obuoba Microfinance Company Limited
  107. Oye Microfinance Limited
  108. Panam Microfinance Company Limited
  109. Pimcel Microfinance Company Limited
  110. Pinnacle Microfinance Limited
  111. Platinum Capital Microfinance Limited
  112. Premier Microfinance Limited
  113. Price Capital Microfinance Limited
  114. Profit Point Microfinance Limited
  115. Pro-Link Microfinance Limited
  116. Prudence Microfinance Limited
  117. Purple Microfinance Limited
  118. Qodesh Microfinance Limited
  119. Quick One Microfinance Limited
  120. Reell Microfinance Limited
  121. Restore Microfinance Company Limited
  122. Rhokida Microfinance Limited
  123. Royal Future Microfinance Limited
  124. Sag Ave Maria Microfinance Company Limited
  125. Say-Adsam Microfinance Limited
  126. Seedshare Capital Microfinance Limited
  127. Shalom Microfinance Company Limited
  128. Shine Credit Microfinance Limited
  129. Sica Microfinance Limited
  130. Silban Capital Microfinance Limited
  131. Sim Microfinance Limited
  132. Skycredit Microfinance Limited
  133. Skyy Creditline Microfinance Limited
  134. Solution Pioneers Microfinance Company Limited
  135. Ss Microfinance Limited
  136. Ss Stacots Microfinance Company Limited
  137. St. Mary’s Microfinance Limited
  138. Stalwart Microfinance Services Limited
  139. Star Plus Microfinance Limited
  140. Star Wealth Microfinance Limited
  141. Strategies Microfinance Services Limited
  142. Sweet Jesus Microfinance Limited
  143. Tbs Capital Microfinance Limited
  144. The Informal Project Microfinance CompanyLimited
  145. Tipping Point Microfinance Limited
  146. Trans Microfinance Limited
  147. Turning Point Microfinance Company Limited
  148. Unicorn Happy Investment Microfinance Limited
  149. V-Seed Microfinance Services Limited
  150. Waxson Microfinance Company Limited
  151. Western Allied Microfinance Limited
  152. Wetland Microfinance Limited
  153. Wimac Trust Microfinance Limited
  154. Wiselink Microfinance Company Limited
  155. Xerox Microfinance Services Limited
  156. Allied Wealth Money Lending Limited
  157. Bennet Money Lending Limited
  158. Bremco Money Lending Company Limited
  159. Calmad Money Lending Company Limited
  160. Catamount Finance Money Lending Limited
  161. Citizens Money Lending Limited
  162. Divine Announcement Money Lending
  163. Fountain Money Lending Services Limited
  164. GDFS Money Lending Limited
  165. GFI Capital Management Money Lending Limited
  166. Great Africa Money Lending Limited
  167. Hatmag Money Lending Limited
  168. Haubins Money Lending Limited
  169. Index Money Lending Limited
  170. KAF Investment Money Lending Limited
  171. KBN Money Lending Limited
  172. KYC Money Lending Limited
  173. McOttley Money Lending Limited
  174. N & J Money Lending Limited
  175. Obrapa Money Lending Limited
  176. One2One Money Lending Services Limited
  177. Orbit Money Lending Co. Limited
  178. Pitsea Ways Money Lenders Limited
  179. P-Mag Investment Money Lending Services Limited
  180. SAT Finance Money Lending Limited
  181. Shammah Capital Money Lending Limited
  182. SNJ Money Lending Limited
  183. Uni-focus Money Lending Limited
  184. Zeta Money Lending Limited
  185. Boafo Yena Money Lending Limited
  186. CFI Money Lending Limited
  187. CIF Money Lending
  188. First Assurance Money Lending Services Limited
  189. Global Point Investment and Money Lending Services Limited
  190. Intelligent Money Lending Company Limited
  191. Kan Money Lending Company Limited
  192. PD PAG Money Lending Limited
  193. R.P.I.C. Money Lending Services Limited
  194. TCP Money Lending Limited
  195. All-Time Capital Partners Limited
  196. Alpha Cap Securities Limited
  197. Axe Capital Advisors Limited
  198. Apex Capital Partners Revoked
  199. Beige Capital Limited Revoked
  200. Brooks Asset Management Limited
  201. Cambridge Capital Advisors Limited
  202. Canal Capital Limited Revoked
  203. Corporate Hills Investment Ltd.
  204. Dowjays Investment Limited
  205. EM Capital Limited Revoked
  206. Energy Investments Limited
  207. Fromfrom Capital Limited
  208. Frontline Capital Advisors Limited
  209. FirstBanc Financial Services Limited
  210. Galaxy Capital Limited
  211. Gold Coast Fund Management Limited
  212. Gold Rock Capital Management Limited
  213. Goldstreet Fund Management Limited
  214. Global Investments Bankers Limited
  215. Heritage Securities Limited
  216. Ideal Capital Partners Limited
  217. Integrity Fund Management Limited
  218. Intermarket Asset Management Ltd
  219. Kripa Capital Ltd.
  220. Kron Capital Limited
  221. Legacy Financial Services
  222. Liberty Asset Management Limited
  223. Kamag Kapital Limited
  224. Mak Asset Management Limited
  225. Man Capital Partners Limited
  226. Mec-Ellis Investment(Ghana) Limited
  227. McOttley Capital Limited
  228. Monarch Capital Limited
  229. Mutual Integrity Assets Management Limited
  230. Nesst Capital Limited
  231. Nickel Keynesbury Limited
  232. Nordea Capital Limited
  233. Omega Capital Limited
  234. Procap Finance Company Limited
  235. QFS Securities Limited
  236. SGL Royal Kapita Limited
  237. Sirius Capital Limited
  238. Strategic Hedge Capital Limited
  239. Standard Securities Limited
  240. Supreme Trust Capital Limited
  241. Tikowrie Capital Ltd.
  242. Unisecurities Limited
  243. Universal Capital Management
  244. Ultimate Trust Fund Management Ltd.
  245. Utrak Capital Management Limited
  246. Wealth Vision Financial Services Limited
  247. Weston Capital Limited
  248. Voluntary Cessation
  249. HFC Capital Partners Limited
  250. Attai Capital Limited
  251. Serengeti Capital Limited
  252. Indigo Investment Management Limited
  253. Verit Investment Advisory Limited

Dr. Bawumia, I want your response to the following corruption allegation leveled against your government:

  1. Agyapa scandal
  2. GHC9.6 billion lost to corruption since 2017
  3. $17,000 per hour private jet hired by President to tour the world 
  4. Mac Manu fingered in $1.5 billion MPS deal
  5. Ghana Cylinder Manufacturing Company increases allowances by 400%
  6. Minister of State at Presidency busted over bribery attempt on Star FM Journalist over galamsey exposé
  7. NHIS divert GHC17 million into private investment company 
  8. GHC3.9 million to buy condoms 
  9. Appointment of MD for non-existent Keta Sea Port
  10. Fraudulent PDS deal
  11. $10 million wasted on cocoa roads audit 
  12. $4.5 million AfCON profligate expenditure 
  13. Ministry of Finance pays 1 million Ghana Cedis to Kroll Associates for no work done-Auditor General 
  14. Twelve (12) top state infrastructure designs sole-sourced to one firm 
  15. GHC283 million paid in judgement debt  
  16. GHC3 million renovated warehouses defective 
  17. Appointment of Kwame Owusu as board chairman for GRA after installing 11 ACs in two-bedroom facility
  18. Presidential staffers caught on video taking galamsey bribes
  19. Fight at GNPC between CEO and Board Chairman (Freddy Blay) over procurement 
  20. Ghana included in European Commission dirty money list 
  21. Ministry of Health anti-snake serum procurement breaches 
  22. $12 million worth of fertilizers for Planting for Food and Jobs missing 
  23. Government trades Aisha Huang for Chinese loan
  24. Government busted in $12 million Oslo consulate deal 
  25. GHC18k entertainment allowances for Sanitation Minister 
  26. $12.5 million sole-sourced contracts for blood distribution drones
  27. Presidential staffers list increases from 998 to 1,614 to create jobs for party boys
  28. GHC297,585 missing at Kpone-Katamanso Municipal Assembly 
  29. $14 million blown by Ministry of Tourism over capacity building 
  30. EOCO official suspended for calling on President Akufo-Addo to prosecute his own corrupt officials 
  31. Two (2) bedroom resident renovated at GHC1 million by the Ghana Maritime Authority boss – Kwame Owusu
  32. Ghana Maritime Authority boss blows GHC700 per head on lunch in a day
  33. GHC1.5 million rot uncovered at EPA
  34. Ghana travels with the largest delegation to UN conference 
  35. Government distributed expired food items to flood victims, led by your very self
  36. Asuogyaman DCE buys GHC1,850 printer for GHC16,000
  37. Over 600,000 litres of BOST contaminated fuel disappears 
  38. Board chairman of Auditor-General Department violated procurement processes
  39. Government lied over destruction of 10,000 hectares of farmlands under Planting for Food and Jobs
  40. Sawla DCE awarding contracts to himself 
  41. GNPC buys $7.5 million property from CEOs former company 
  42. CEO of Forestry Commission fingered in galamsey
  43. Adwoa Safo takes $8,500 from NHIA for USA trip 
  44. NHIA blows 62k on Government communicators 
  45. GHC697 million squandered in 2017 by the Ministry of Finance 
  46. Flagstaff House guards busted in robbery on countless occasions 
  47. NACOB excluded from Port checks 
  48. Wife of Sammy Awuku grabs juicy Free Zones Feeding contract 
  49. Gifty Klenam blows GHC93k on clothing allowance 
  50. Gifty Klenam blows $132 on rent 
  51. Peter Mac Manu in conflict of interest at GPHA as wife is handed juicy contracts  
  52. GFA Nyantakyi solicits 8 million Dollars bribe for President Akufo-Addo and your very self
  53. $89 million dubious KelniGVG contract 
  54. CEO of Ghana Cylinder Manufacturing Company awards fictitious contracts 
  55. Ghana loses GHC1 million in undervalued Metro Mass bus sales 
  56. Sports Ministry, Pius Hadzide in visa racketeering scandal 
  57. Wife of Kennedy Agyapong handed Ghc100.2 million sole-sourced streetlights contract 
  58. Eleven (11) contracts of NLA packaged and handed over to sister-In-law of MD in a day 
  59. GHC28.8 million procurement scandal at MASLOC 
  60. President Akufo-Addo gifted NPP GHC5 million for Cape Coast Conference 
  61. Fisheries Minister kicks out Director from office over fight against corruption in her administration 
  62. Ketu South MCE smuggles in $3.2 million luxury vehicle 
  63. DVLA sells GHC10 first aid kit for Ghc100
  64. Special Development Ministry blows GHC800k on website 
  65. Expats charged $100k to sit by President Akufo-Addo
  66. NLA boss takes $60k personal loan from service provider 
  67. GHC100k spent to change the name of Tamale Sports Stadium to Aliu Mahama Sports Stadium 
  68. President Akuffo-Addo makes U-turn, endorses Jospong a company he branded as corrupt while in opposition
  69. Over 200 instances of premix fuel diversions recorded in 2017
  70. GHC1.9 billion allocated to presidency in 2018
  71. Government blows GHC177 million on failed energy bond 
  72. Hajj board official in over GHC23k visa fraud 
  73. Ghana blows $2.5 million on GhanaPostGPS, spearheaded by your very self
  74. District Assemblies to cough GHC5k each to fund Akufo-Addo’s tour 
  75. CID cooks report to clear two Deputy Chiefs of Staff
  76. Ahanta West DCE rejects official bungalow, blows GHC22k on hotel accommodation 
  77. Finance Minister in procurement breaches over GHC10 million loan to MacDan
  78. NPP grabs GHC900 million from two banks without board approval 
  79. Osafo Marfo appoints two sons into top government positions 
  80. Stephen Ntim appointed Lands Commission boss under a repealed law 
  81. Akufo-Addo sacks 13,000 public sector workers to create space for his family and friends in NPP
  82. GHC5.6 million blown in Ghana@60 March parade 
  83. GHC9 million spent by Agric Minister to procure fake chemicals to fight armyworms 
  84. BOST boss in 5 million litres contaminated fuel deal
  85. Northern Regional Minister, Bugri Naabu clash over road contracts
  86. Ten thousand (10,000) bags of fertilizers missing

Mr. Vice President, Ghanaians demand answers to the afore-stated issues ahead of the December 7 general elections. These issues are critical to the future of our country, considering the magnitude of job losses caused by the banking sector crisis and the GHC38.4 billion lost to corruption in the past four years. I will personally plead with you for a debate on the economy after the general election for a thorough assessment of your four years in office.

Thank you,


David Yaw Mordey,

Economist and Data Scientist,

Tel: +233241841599


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