Reputable businessman, Oscar Yao Doe has sent a loud warning to commercial banks in Ghana who are currently declining the private sector of credit facilities in favour of the public sector to be wary of the kind of trap, banks that recently went insolvent, were pushed into.
The Doscar Group Holdings Chairman in a short public post this afternoon was reacting to a news story by Ghanaweb which quoted a Bank of Ghana’s Banking Sector Report.
Ghanaweb reported that Commercial banks in the country are beginning to favour lending to the public sector rather than the private sector, according to the Bank of Ghana’s Banking Sector Report.
According to the report, the share of private sector credit in total advances made by banks in the eight months of the year declined while loans to the public sector inched up.
He warned the banks to learn from the refusal to pay the debts owed some of the recently proscribed banks by the government, which formed a major part of the problems that led to their collapse.
HRH Doe in the post, also sarcastically knocked the men that oversaw the recent reforms in the banking sector that had been greeted with mixed reactions; Ken Ofori-Atta, Ernest Addison and Nii Amanor-Dodoo.
Breaking News: GHANA Is Now Declared A Government-Owned And Controlled Economy!
Major Business Activities Are Now In The Hands Of Government-Owned Institutions. Congratulations To HON.Ken '14 BILLION GHS' Ofori-Attah, Empty-Headed 'Governor Revocation' Ernest Addison, Nii 'Butcher, Deceiver' Amanor-Dodoo under The Supervision Of Our Own Uncle, President Akuffo-I Don't Care-Addo.
(I Have A) Warning To These Banks Focusing Their Loan Portfolio's On Government Institutions. Remember Ken Ofori-Atta And Co Refused To Pay The Debts That Government Of Ghana Owed To Ghanaian Banks Through Local Contractors. And Yet, They Used That As An Excuse (Insolvent) To Destroy Our Ghanaian-Owned Banks.
Be Careful, Government Debts Are Not Guaranteed In Ghana! Guide Yourselves With Recent History.