The chairman of Doscar Group Holdings, Oscar Yao Doe, who has been hitting the economic team of President Akuffo-Addo as well as the leadership of the Bank of Ghana hard lately (for culpability in the collapse of some indigenous financial institutions and local companies), has said that he does not have any regret for supporting the president to power in 2016.
He however reiterated that his support for the President's family would not stop him from voicing his opinion about the President's failure (through actions and decisions) to rescue locally-owned banks and other businesses that were in distress.
Read his post on the social media this morning below..
"I Have No Regret Supporting H.E Akuffo-Addo As Family. (But Here Are) The Reasons Why I Disagreed With His Actions, Decisions, And Failure To Rescue Ghanaian-Owned Businesses and Banks!
In 2017, It Became Obvious That The Bank of Ghana's Responsibilities to Supervise Banks Operating in Ghana Has Gone Into Sleeping Mode. But No Action Was Taken To Purge The Bank of Ghana Itself. The Situation Persisted Till UT Bank and Capital Bank Went Down. It Was Taken Over By GCB With The Government of Ghana Supporting The Process With Over 2 Billion GHS.
I Thought The So Called Genius Brains at The Finance Ministry Will Put Ghana's Interest First By Initiating Immediate Action For A Stress Test For All The Banks And The Financial Sector (As A Whole) In Ghana, To Ascertain The True Picture of Their Financial Strength And Challenges Facing Them, So The Appropriate And The Best Option Could Be Recommended By The Finance Minister, Hon Ken Ofori-Atta.
At That Moment, The Government, Through Ken Ofori-Atta Was Reluctant to Release Money to Pay The Outstanding Debt Ghana Government Owed Contractors Who Owe Majority of The Local Banks Loan Portfolios. Ken Ofori-Atta And Co Deliberately Refused To Settle The Contractor's Debt, Or Pay Their Debts On Their Behalf Directly To The Local Banks.
The Situation Was Deteriorating Because Financial Markets Don't Like Panicking and Speculations.
At This Stage, They Saw The Vulnerability In The Local Banks To Sink, And Also Saw The Opportunity It (Could) Bring To Them Personally.
So, Instead of Applying The US Model Or The European Commission Precedent to Save The Local Banks, And Then Put In Stringent Measures Afterwards (Including Government Appointing Their Preferred CEO'S To Lead Those Affected Banks Till They Pay Back Every Dime To Government Coffers), They Applied Vendetta And Ego, (Feeling Like) 'We Are Powerful Now, You're Now Powerless!
They Used OUTDATED Laws to Destroye The Banks,Told The Owners To Go Empty-Handed To Die.
God Tested President @nakufoaddo That Crucial Moment to Show Leadership. (It Would Have Just Been A Case Of) "Forgive Their Errors, They Are Ghanaians". IT WILL TAKE 20-40 YEARS TO CREATE SUCH BUSINESSES AGAIN" HE FAILED TO SHOW COMPASSION" WHY CATHEDRAL?