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Patriots kick against sale of ADB
Accra, July 31 Ghanadot/GNA - The Patriots of the Convention
People's Party (CPP) on Tuesday called on Ghanaians and
civil society organizations to join in the protest against
the proposed sale of Bank of Ghana (BoG) shares in the
Agricultural Development Bank (ADB) to some foreign banks.
"If indeed we believe that the Blackman is capable of
managing his own affairs, this is the time for us to
demonstrate that to ourselves and the world," the group
said.
Mr. Kosi Dedey, an aspiring General Secretary of the CPP and
Spokesman for the Group was speaking at a press conference
in Accra on the Patriots opposition to government's intended
sale of BoG's 48 percent share in ADB to some foreign
interests including the Robobank of Holland and Standard
Bank of South Africa.
The conference, which was attended by some leading CPP
Patriots was to generate public interest in the debate and
support from civil society organizations against the
proposed sale of the bank.
Those present included Professor Agyeman Badu Akosa,
immediate past Director General of the Ghana Health Service
(GHS), Mr. Bright Akwetey, a Legal Practitioner, Dr Nii Moi
Thompson, an Economist and Mr Moro Igala, a Chartered
Accountant.
Mr Kosi Dedey said the latest attempt by government to
transfer strategic national assets to foreign commercial
interests was a continuation of the process that started in
1966 to destroy all the accomplishments of the CPP
government.
"We view this part of the larger agenda of the International
Monetary Fund (IMF) to weaken the developmental state in
Ghana and the rest of Africa and further undermine the
second stage of the de-colonization struggle, which is to
move beyond political independence to economic independence"
he added.
He said the public had been repeatedly told that the
disposal of strategic national assets, especially to foreign
"strategic investors" was meant to rationalize government
role in the economy and accelerate national development.
He said 40 years down the lane, the country has very little
to show for it and Ghanaians were now struggling to meet
even the most basic needs such as food, water, housing and
electricity.
Mr. Kosi Dedey also expressed concern about government's
conflicting and erroneous explanations that its decision to
sell ADB was a recent one and not a condition imposed by the
International Monetary Fund (IMF).
He said a glance at the IMF website indicated that the fund
had been trying since 1999 to compel government to sell off,
not only the BoG shares in ADB but also to dispose of other
important national assets to foreign investors.
He cited the 2007 budget statement presented to Parliament
by the Minister of Finance that banks in Ghana lacked the
scale and depth to become the primary drivers of the economy
with a total market capitalization in 2005 estimated at 600
million dollars.
They hold total assets of 1.4 billion dollars and provided
loans of only 1.9 billion dollars that appeared grossly
under estimated.
He said for example, the 2006 annual report of Ghana
Commercial Bank (GCB) and most recent data from ADB
indicated that they have between them alone a combine assets
base of about 1.3 billion dollars and it was therefore hard
to imagine how the combined assets of the rest of the banks
could amount to a paltry 100 million dollars.
Despite the many challenges faced by ADB it devoted between
60-70 percent of its loans to the agriculture sector over
the years.
He said ADB's return on equity was 21.6 percent, only 4.8
percent short of 26.4 percent reported by Stanbic's parent
company, Standard Bank of South Africa.
"This is an indication that given the proper environment,
including the absence of political interference in its
affairs, ADB like any other bank in Ghana can expand and
compete with any bank in Africa or elsewhere" he stressed.
Mr Kosi Dedey condemned the subtle attempts by Stanbic bank
to manipulate public sentiments and key institutions as well
as personalities in Ghana in order to buy the ADB shares
cheaply.
He said the decision by government to source for 15 million
dollars from Stanbic in the midst of this controversy posed
a conflict of interest that must be denounced by all.
The Patriots urged government to stand up to the IMF and
listen to its people rather than give in to demands of the
fund to dispose of all its national assets.
They said Stanbic should be given the opportunity and
license to compete with ADB if it was interested in
financing agriculture in Ghana rather than seeking to take
over another bank to monopolize the sector.
GNA
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