VRMG boss Edem is desolated over the takeover of two commercial banks UT Bank and Capital Bank by the Ghana Commercial Bank (GCB).
A press statement by the Bank of Ghana on Monday, August 14 announced that “GCB BANK LTD TAKES OVER UT BANK LTD AND CAPITAL BANK LTD” but the rapper thinks it is a wrong move initiated by the central bank of Ghana. Edem in a tweet after the sad news went viral stated that the decision to revoke the license of these two commercial banks will make people lose interest in businesses owned by Ghanaians.
He asked top officials to support “our own”.
“I am sad...Issues like this would continue to make ppl lose confidence in Ghanaian owned businesses….Not a good one...Let’s support our own” Edem tweeted Monday afternoon.” he tweeted.
The action of BoG to revoke their license was triggered by the inability of the two banks to turn around their negative capital adequacy position which has lingered on for some time now.
Source: zionfelix
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Edem, the banking industry is one the most regulated institution in the world.
Jonbull. You don't know what's going on and you're also saying some
Hahahhahhaha. You blast OoOoO man! What is his football age..?? Hahahahaha. Edem you should have just kept quiet. These are financial matters not studio matters.
Edem, September is just around the corner please go and register for free SHS. Use your "football" age. You need education.It is never too late my brother. Good luck.
Those insulting Edem are rather ***barred word***. What is happening in UT and Capital bank could have been avoided by government through financial support which has happen in other countries like USA. Do you think Ghana as a country is doing well when it comes to supporting its own. A government which stand on a plate form of creating job opportunity for the teeming youth should have provided some form of leverage for this two Ghanaian Banks. Do you know the number of years it will take Ghana to raise banking giants like what UT AND Capital bank has done. Its a big shame to government. when can we learn to support our own when they are falling. I support Edem 100%.
What do you know about banking.... You just wanna be in the news... Come out with a hit and stop talking ..
please edem, these things are normal..what are you saying, even bigger firms collapse....the likes of enron, parmalat, etc..stop the face looking things you are doing..what will you say about rich individuals who go bankrupt...boris becker just went bankrupt..
This action will definitely affect investor confidence. Edem you got it right. Where was the regulator when the ratios were getting out of line? Could the BOG not do anything to help the bank out of the ditch? Now there will be job losses, families will suffer and potential investors including the current will withdraw.
He hears people about the issue so he ignorantly want to share his anaemic view. You can not fault him for his ignorance.
You took words out of my mouth. What does he know about banking? He just want to be heard.