Economist Put 555 Hot Questions to Dr. Bawumia on The Banking Sector Crisis

Nana Addo Dankwa Akufo-Addo was elected as Ghana’s president on a promise to root out rampant corruption in government that has seen thousands of dollars of public money stolen over decades.

But since his landmark election win in 2016, he has yet to secure a high-profile conviction for graft while the main opposition accuses him of mounting a political witch-hunt.

Now, a growing scandal involving a civil servant has engulfed the presidency, giving Nana Addo’s detractors fresh ammunition and raising questions about his commitment to fighting corruption.

The opposition National Democratic Congress (NDC) has predictably seized on the affair, claiming it showed the government’s fight against corruption to be “mere propaganda”.

For Economist and Data Scientist, David Yaw Mordey, “the questions are how much control and understanding does Vice President Dr. Alhaji Mahamudu Bawumia have over the Banking sector crisis”.

He has in a statement put 555 questions to Dr. Bawumia, demanding to know the thinking that went into the closure of Banks and microfinance institutions.

Read below the full statement by Yaw Moedey…..

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 programs 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 programs 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:

18. UT Bank
19. Capital Bank
20. Beige Bank
21. Sovereign Bank
22. Construction Bank
23. The Royal Bank
24. UniBank
25. GN Bank

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

25. 1st Eye Microfinance Company Limited
26. Abepa Microfinance Limited
27. Acea Microfinance Co. Limited
28. Adom Sika Microfinance Limited
29. Add value Microfinance Limited
30. Ae Microfinance Company Limited
31. Af Microfinance Company Limited
32. Afrique Capital Microfinance Limited
33. Akad Microfinance Limited
34. Aki Microfinance Company Limited
35. All Ghana Microfinance Limited
36. All-Inclusive Microfinance Limited
37. Alliancetrust Microfinance Limited
38. Amisgold Microfinance Services Limited
39. A-N Microfinance Services Limited
40. A-One Trust Microfinance Services Limited
41. Appiaduman Microfinance Limited
42. Aspet-A Microfinance Limited
43. A-Star Microfinance Limited
44. Axis Direct Microfinance Company Limited
45. Benkoson Microfinance Limited
46. Best Microfinance Services Limited
47. Bluehills Microfinance Limited
48. Boafo Ne Nyame Microfinance Limited
49. Bodev Microfinance Limited
50. Boin Microfinance Limited
51. Bonamax Microfinance Company Limited
52. Brite Life Microfinance Limited
53. Broadview Capital Microfinance Limited
54. Capital And More Microfinance Company Limited
55. Capital Connect Microfinance Limited
56. Cash Multitrust Microfinance Limited
57. Cashphase Microfinance Company Limited
58. Cashplus Microfinance Limited
59. Christian Community Microfinance Limited
60. Citizen Capital Microfinance Limited
61. City Credit Microfinance Limited
62. Connect Capital Microfinance Limited
63. Cottage Microfinance Limited
64. Credability Investment And Microfinance Limited
65. Crown Capital Microfinance Limited
66. Crown House Microfinance Limited
67. Cymain Capital Microfinance Limited
68. Cypress Microfinance Company Limited
69. Dahinsheli Microfinance Limited
70. Daily Capital Microfinance Limited
71. Datacash Microfinance Limited
72. Dbm Microfinance Limited
73. Delight Microfinance Company Limited
74. Des Microfinance Limited
75. Dolphin Microfinance Services Limited
76. Donewealth Microfinance Limited
77. Dove Microfinance Company Limited
78. Dpf Microfinance Limited
79. D-Vanc Microfinance Limited
80. Dwetire Microfinance Limited
81. Easyfast Microfinance Limited
82. Ebenezer Microfinance Company Limited
83. Eclipse Microfinance Limited
84. Emefs Microfinance Limited
85. Emeralf Microfinance Limited
86. Emerge Microfinance Limited
87. Emeton Microfinance Services Limited
88. Empire Credit Microfinance Limited
89. Emwl Microfinance Company Limited
90. Et Microfinance Limited
91. Evergreen Microfinance Limited
92. Expressway Microfinance Limited
93. Fast Track Capital Microfinance Limited
94. Financial Republic Microfinance Company Limited
95. Fino Microfinance Limited
96. First Call Microfinance Company Limited
97. First Liberty Microfinance Limited
98. Fountaingate Microfinance Limited
99. Frontier Capital Microfinance Limited
100. Frontline Microfinance Limited
101. Fts Capital Microfinance Limited
102. Future Leaders Microfinance Limited
103. Gab Microfinance Limited
104. Gad Microfinance Limited
105. Galaxy Microfinance Limited
106. Geo Multi Microfinance Limited
107. Gg Credit Microfinance Company Limited
108. Ghabsy Microfinance Limited
109. Giant Steps Microfinance Services Limited
110. Global Feed Microfinance Limited
111. Global Trust Microfinance Services Limited
112. God Is Perfect Microfinance Limited
113. Goldman Capital Microfinance Co. Limited
114. Great Nation Microfinance Limited
115. Greenfield Microfinance Services Limited
116. Hegis Microfinance Limited
117. Heritage Microfinance Limited
118. Hodidi Microfinance Company Limited
119. Home Support And Allied Microfinance Limited
120. Idos Microfinance Limited
121. Integrity Capital Microfinance Limited
122. Jcf Consumer Microfinance Limited
123. Jdc Microfinance Company Limited
124. Jefam Microfinance Company Limited
125. Jidai Microfinance Limited
126. Jw Microfinance Limited
127. Kingdave Microfinance Limited
128. Kingsbridge Microfinance Limited
129. Kka Empire Microfinance Limited
130. Kwahu Microfinance Company Limited
131. Lake View Microfinance Limited
132. Legend Microfinance Co. Limited
133. Liberty Dmi Microfinance Limited
134. Liberty Trust Microfinance Limited
135. Lj Cashplus Microfinance Limited
136. Lloyds Capital Microfinance Limited
137. Mace Microfinance Limited
138. Masadar Microfinance Limited
139. Melbond Microfinance Limited
140. Meridian Microfinance Limited
141. Micaid Microfinance Company Limited
142. Mop Microfinance Limited
143. Multi Money Microfinance Company Limited
144. Multibility Microfinance Limited
145. Nas Microfinance Company Limited
146. Nationwide Microfinance Limited
147. New Business Microfinance Limited
148. New Image Microfinance Limited
149. New Ways Microfinance Limited
150. Nkosuo Microfinance Limited
151. 1 Microfinance Company Limited
152. Ofs Microfinance Company Limited
153. Optimal Microfinance Limited
154. Osomufo Microfinance Limited
155. Oval Microfinance Limited
156. Paragon Microfinance Company Limited
157. Pathway Microfinance Limited
158. Pearlhouse Ghana Microfinance Limited
159. Peesam Microfinance Limited
160. Perebrim Microfinance Company Limited
161. Planet Microfinance Limited
162. Planters Capital Microfinance Company Limited
163. Prime Guaranty Fsl Microfinance Limited
164. Primecredit Microfinance Limited
165. Primus Microfinance Limited
166. Prof Microfinance Limited
167. Progressive Microfinance Company Limited
168. Pronto Microfinance Limited
169. Proseed Microfinance Company Limited
170. Purpose Microfinance Limited
171. Q-Star Investments & Microfinance Limited
172. R&J Gateway Microfinance Services Limited
173. Rancare Microfinance Limited
174. Redeemer Microfinance Limited
175. Renaizance Capital Solutions Microfinance Limited
176. Reob Fekams Microfinance Company Limited
177. Rightway Microfinance Limited
178. Rivers Capital Microfinance Limited
179. Ropa Microfinance Limited
180. Ross Capital Microfinance Limited
181. Royal Steps Microfinance Limited
182. Royalty Capital Microfinance Limited
183. Safenet Microfinance Limited
184. Samag Microfinance Limited
185. Savannah Microfinance Limited
186. Savplus Microfinance Services Limited
187. Silver Trust Microfinance Company Limited
188. Solid Rock Microfinance Limited
189. Solutions Microfinance Limited
190. Sources Unlimited Microfinance Limited
191. Sovereign Microfinance Limited
192. Standard Trust Microfinance Limited
193. Star Alliance Microfinance Limited
194. Starling Microfinance Services Limited
195. Startwell Microfinance Company Limited
196. Supreme Trust Microfinance Limited
197. The Orange Capital Microfinance
198. The Rashards Microfinance Limited
199. The Trustline Microfinance Company Limited
200. Ti Microfinance Limited
201. Total Discount Microfinance Limited
202. True Life Capital Microfinance Limited
203. Trust Link Microfinance Limited
204. Trust Microfinance Company Limited
205. Turnstar Microfinance Limited
206. Unik Life Microfinance Limited
207. Unique Microfinance Limited
208. Unique-Mas Microfinance Company Limited
209. Vision Credit Microfinance Limited
210. Voa Microfinance Limited
211. We Enable Microfinance Limited
212. Wintrust Microfinance Limited
213. Wondaland Microfinance Limited
214. Yan Microfinance Company Limited
215. Yeken Microfinance Limited
216. Yoli Microfinance Company Limited

1. 72 Hours Microfinance Company Limited

218. Abis Plus Microfinance Limited
219. Acit Capital Microfinance Limited
220. Adwenpa Microfinance Limited
221. Adwumaden Microfinance Limited
222. African Trust Microfinance Limited
223. Ag Microfinance Limited
224. Agt Microfinance Company Limited
225. Allot Microfinance Company Limited
226. Arhinpa Microfinance Limited
227. Attention Microfinance Limited
228. Av Global Microfinance Limited
229. Beaconcity Microfinance Company Limited
230. Bedel Microfinance Limited
231. Bengay Microfinance Company Limited
232. Better Life Microfinance Company Limited
233. Big Dreams Microfinance Limited
234. Bik Microfinance Company Limited
235. Boatem Microfinance Limited
236. Boavole Microfinance Limited
237. Brisk Credit Microfinance Limited
238. I.G. Microfinance Limited
239. Capital House Microfinance Limited
240. Capital Line Microfinance Limited
241. Captains Microfinance Company Limited
242. Casablanca Microfinance Limited
243. Cashbridge Microfinance Limited
244. Cc Microfinance Limited
245. Citizens Resource Microfinance Limited
246. Comaid Microfinance Limited
247. Comba Microfinance Limited
248. Common Capital Microfinance Limited
249. Community Microfinance Limited
250. Crucial Times Microfinance Limited
251. Cypress Cedar Microfinance Company Limited
252. Daa Nhyira Microfinance Company Limited
253. Dc Microfinance Company Limited
254. Dems Microfinance Company Limited
255. Dg Capital Microfinance Limited
256. Divine Fortunes Microfinance Limited
257. Divine Microfinance Limited
258. Dwadifo Adanfo Microfinance Company Limited
259. Dynasty Microfinance Services Limited
260. Eden Microfinance Limited
261. Ekoba Get Rich Microfinance Limited
262. Elite Microfinance Limited
263. Ellis Microfinance Limited
264. Era Microfinance Services Limited
265. Excel United Microfinance Limited
266. First Fidelity Microfinance Limited
267. Flexi Microfinance Limited
268. Focus Link Microfinance Company Limited
269. Fortress Microfinance Company Limited
270. Frankaman Microfinance Company Limited
271. Giant Gait Microfinance Limited
272. G-Life Microfinance Limited
273. Global One Microfinance Company Limited
274. Gmet Microfinance Limited
275. Godigo Microfinance Limited
276. Golden Trust Microfinance Company Limited
277. Goldpot Microfinance Limited
278. Goodnews Microfinance Company Limited
279. Halal Microfinance Limited
280. High Prestige Microfinance Services Limited
281. Hog Microfinance Limited
282. Ics Microfinance Limited
283. Ik Microfinance Limited
284. Instant Microfinance Limited
285. Investsure Microfinance Limited
286. Jada Microfinance Limited
287. Jays Microfinance Limited
288. Jopat Microfinance Company Limited
289. Jorbies Microfinance Limited
290. Joyhelp Microfinance Limited
291. Joyprin Microfinance Company Limited
292. A. D. Microfinance Limited
293. Kanafin Microfinance Services Limited
294. Kapital Express Microfinance Company Limited
295. Karsi Microfinance Limited
296. Kenlasab Microfinance Limited
297. Kingdom Trust Microfinance Limited
298. Landmark Microfinance Limited
299. Last Chance Microfinance Company Limited
300. Latter Rain Microfinance Limited
301. Lead Capital Microfinance Limited
302. Lead Global Microfinance Limited
303. Leap Credit Microfinance Limited
304. Light Microfinance Limited
305. Liquidity Solutions Microfinance Limited
306. Liyac Microfinance Company Limited
307. Loyal Shepherd Microfinance Limited
308. Mallon Microfinance Company Limited
309. Man Capital Microfinance Company Limited
310. Mars Microfinance Limited
311. Megamitch Microfinance Limited
312. Micrene Microfinance Limited
313. Mighty Microfinance Limited
314. Mokap Microfinance Limited.
315. Moneyshop Microfinance Limited
316. Moore Naara Microfinance Limited
317. Mt Microfinance Limited
318. Nativity Microfinance Services Limited
319. Niva Microfinance Limited
320. Noble Dream Microfinance Limited
321. Obaatanpa Microfinance Company Limited
322. Obuoba Microfinance Company Limited
323. Oye Microfinance Limited
324. Panam Microfinance Company Limited
325. Pimcel Microfinance Company Limited
326. Pinnacle Microfinance Limited
327. Platinum Capital Microfinance Limited
328. Premier Microfinance Limited
329. Price Capital Microfinance Limited
330. Profit Point Microfinance Limited
331. Pro-Link Microfinance Limited
332. Prudence Microfinance Limited
333. Purple Microfinance Limited
334. Qodesh Microfinance Limited
335. Quick One Microfinance Limited
336. Reell Microfinance Limited
337. Restore Microfinance Company Limited
338. Rhokida Microfinance Limited
339. Royal Future Microfinance Limited
340. Sag Ave Maria Microfinance Company Limited
341. Say-Adsam Microfinance Limited
342. Seedshare Capital Microfinance Limited
343. Shalom Microfinance Company Limited
344. Shine Credit Microfinance Limited
345. Sica Microfinance Limited
346. Silban Capital Microfinance Limited
347. Sim Microfinance Limited
348. Skycredit Microfinance Limited
349. Skyy Creditline Microfinance Limited
350. Solution Pioneers Microfinance Company Limited
351. Ss Microfinance Limited
352. Ss Stacots Microfinance Company Limited
353. Mary’s Microfinance Limited
354. Stalwart Microfinance Services Limited
355. Star Plus Microfinance Limited
356. Star Wealth Microfinance Limited
357. Strategies Microfinance Services Limited
358. Sweet Jesus Microfinance Limited
359. Tbs Capital Microfinance Limited
360. The Informal Project Microfinance CompanyLimited
361. Tipping Point Microfinance Limited
362. Trans Microfinance Limited
363. Turning Point Microfinance Company Limited
364. Unicorn Happy Investment Microfinance Limited
365. V-Seed Microfinance Services Limited
366. Waxson Microfinance Company Limited
367. Western Allied Microfinance Limited
368. Wetland Microfinance Limited
369. Wimac Trust Microfinance Limited
370. Wiselink Microfinance Company Limited
371. Xerox Microfinance Services Limited

1. Allied Wealth Money Lending Limited
2. Bennet Money Lending Limited
3. Bremco Money Lending Company Limited
4. Calmad Money Lending Company Limited
5. Catamount Finance Money Lending Limited
6. Citizens Money Lending Limited
7. Divine Announcement Money Lending
8. Fountain Money Lending Services Limited
9. GDFS Money Lending Limited
10. GFI Capital Management Money Lending Limited
11. Great Africa Money Lending Limited
12. Hatmag Money Lending Limited
13. Haubins Money Lending Limited
14. Index Money Lending Limited
15. KAF Investment Money Lending Limited
16. KBN Money Lending Limited
17. KYC Money Lending Limited
18. McOttley Money Lending Limited
19. N & J Money Lending Limited
20. Obrapa Money Lending Limited
21. One2One Money Lending Services Limited
22. Orbit Money Lending Co. Limited
23. Pitsea Ways Money Lenders Limited
24. P-Mag Investment Money Lending Services Limited
25. SAT Finance Money Lending Limited
26. Shammah Capital Money Lending Limited
27. SNJ Money Lending Limited
28. Uni-focus Money Lending Limited
29. Zeta Money Lending Limited
30. Boafo Yena Money Lending Limited
31. CFI Money Lending Limited
32. CIF Money Lending
33. First Assurance Money Lending Services Limited
34. Global Point Investment and Money Lending Services Limited
35. Intelligent Money Lending Company Limited
36. Kan Money Lending Company Limited
37. PD PAG Money Lending Limited
38. R.P.I.C. Money Lending Services Limited
39. TCP Money Lending Limited

411. All-Time Capital Partners Limited
412. Alpha Cap Securities Limited
413. Axe Capital Advisors Limited
414. Apex Capital Partners Revoked
415. Beige Capital Limited Revoked
416. Brooks Asset Management Limited
417. Cambridge Capital Advisors Limited
418. Canal Capital Limited Revoked
419. Corporate Hills Investment Ltd.
420. Dowjays Investment Limited
421. EM Capital Limited Revoked
422. Energy Investments Limited
423. Fromfrom Capital Limited
424. Frontline Capital Advisors Limited
425. FirstBanc Financial Services Limited
426. Galaxy Capital Limited
427. Gold Coast Fund Management Limited
428. Gold Rock Capital Management Limited
429. Goldstreet Fund Management Limited
430. Global Investments Bankers Limited
431. Heritage Securities Limited
432. Ideal Capital Partners Limited
433. Integrity Fund Management Limited
434. Intermarket Asset Management Ltd
435. Kripa Capital Ltd.
436. Kron Capital Limited
437. Legacy Financial Services
438. Liberty Asset Management Limited
439. Kamag Kapital Limited
440. Mak Asset Management Limited
441. Man Capital Partners Limited
442. Mec-Ellis Investment(Ghana) Limited
443. McOttley Capital Limited
444. Monarch Capital Limited
445. Mutual Integrity Assets Management Limited
446. Nesst Capital Limited
447. Nickel Keynesbury Limited
448. Nordea Capital Limited
449. Omega Capital Limited
450. Procap Finance Company Limited
451. QFS Securities Limited
452. SGL Royal Kapita Limited
453. Sirius Capital Limited
454. Strategic Hedge Capital Limited
455. Standard Securities Limited
456. Supreme Trust Capital Limited
457. Tikowrie Capital Ltd.
458. Insecurities Limited
459. Universal Capital Management
460. Ultimate Trust Fund Management Ltd.
461. Utrak Capital Management Limited
462. Wealth Vision Financial Services Limited
463. Weston Capital Limited
464. Voluntary Cessation
465. HFC Capital Partners Limited
466. Attai Capital Limited
467. Serengeti Capital Limited
468. Indigo Investment Management Limited
469. Verit Investment Advisory Limited

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

470. Agyapa scandal
471. 6 billion lost to corruption since 2017
472. $17,000 per hour private jet hired by the President to tour the world
473. Mac Manu fingered in $1.5 billion MPS deal
474. Ghana Cylinder Manufacturing Company increases allowances by 400%
475. Minister of State at Presidency busted over bribery attempt on Star FM Journalist over galamsey exposé
476. NHIS divert GHC17 million into a private investment company
477. 9 million to buy condoms
478. Appointment of MD for non-existent Keta Sea Port
479. Fraudulent PDS deal
480. $10 million wasted on cocoa roads audit
481. $4.5 million AfCON profligate expenditure
482. Ministry of Finance pays 1 million Ghana Cedis to Kroll Associates for no work done-Auditor General
483. Twelve (12) top state infrastructure designs sole-sourced to one firm
484. GHC283 million paid in judgment debt
485. GHC3 million renovated warehouses defective
486. Appointment of Kwame Owusu as board chairman for GRA after installing 11 ACs in the two-bedroom facility
487. Presidential staffers caught on video taking galamsey bribes
488. Fight at GNPC between CEO and Board Chairman (Freddy Blay) over procurement
489. Ghana included in European Commission dirty money list
490. Ministry of Health anti-snake serum procurement breaches
491. $12 million worth of fertilizers for Planting for Food and Jobs missing
492. Government trades Aisha Huang for Chinese loan
493. Government busted in $12 million Oslo consulate deal
494. GHC18k entertainment allowances for Sanitation Minister
495. $12.5 million sole-sourced contracts for blood distribution drones
496. Presidential staffers list increases from 998 to 1,614 to create jobs for party boys
497. GHC297,585 missing at Kpone-Katamanso Municipal Assembly
498. $14 million blown by Ministry of Tourism over capacity building
499. EOCO official suspended for calling on President Akufo-Addo to prosecute his own corrupt officials
500. Two (2) bedroom resident renovated at GHC1 million by the Ghana Maritime Authority boss – Kwame Owusu
501. Ghana Maritime Authority boss blows GHC700 per head on lunch in a day
502. 5 million rot uncovered at EPA
503. Ghana travels with the largest delegation to the UN conference
504. The government distributed expired food items to flood victims, led by your very self
505. Asuogyaman DCE buys GHC1,850 printer for GHC16,000
506. Over 600,000 liters of BOST contaminated fuel disappears
507. Board chairman of the Auditor-General Department violated procurement processes
508. The government lied over the destruction of 10,000 hectares of farmlands under Planting for Food and Jobs
509. Sawla DCE awarding contracts to himself
510. GNPC buys $7.5 million property from CEOs former company
511. CEO of Forestry Commission fingered in galamsey
512. Adwoa Safo takes $8,500 from NHIA for USA trip
513. NHIA blows 62k on Government communicators
514. GHC697 million squandered in 2017 by the Ministry of Finance
515. Flagstaff House guards busted in a robbery on countless occasions
516. NACOB excluded from Port checks
517. Wife of Sammy Awuku grabs juicy Free Zones Feeding contract
518. Gifty Klenam blows GHC93k on clothing allowance
519. Gifty Klenam blows $132 on rent
520. Peter Mac Manu in a conflict of interest at GPHA as a wife is handed juicy contracts
521. GFA Nyantakyi solicits 8 million Dollars bribe for President Akufo-Addo and your very self
522. $89 million dubious KelniGVG contract
523. CEO of Ghana Cylinder Manufacturing Company awards fictitious contracts
524. Ghana loses GHC1 million in undervalued Metro Mass bus sales
525. Sports Ministry, Pius Hadzide in a visa racketeering scandal
526. Wife of Kennedy Agyapong handed Ghc100.2 million sole-sourced streetlights contract
527. Eleven (11) contracts of NLA packaged and handed over to sister-In-law of MD in a day
528. 8 million procurement scandal at MASLOC
529. President Akufo-Addo gifted NPP GHC5 million for Cape Coast Conference
530. Fisheries Minister kicks out Director from office over the fight against corruption in her administration
531. Ketu South MCE smuggles in $3.2 million luxury vehicle
532. DVLA sells GHC10 first aid kit for Ghc100
533. Special Development Ministry blows GHC800k on website
534. Expats charged $100k to sit by President Akufo-Addo
535. NLA boss takes $60k personal loan from the service provider
536. GHC100k spent to change the name of Tamale Sports Stadium to Aliu Mahama Sports Stadium
537. President Akuffo-Addo makes a U-turn, endorses Jospong a company he branded as corrupt while in opposition
538. Over 200 instances of premix fuel diversions recorded in 2017
539. 9 billion allocated to the presidency in 2018
540. Government blows GHC177 million on failed energy bond
541. Hajj board official in over GHC23k visa fraud
542. Ghana blows $2.5 million on GhanaPostGPS, spearheaded by your very self
543. District Assemblies to cough GHC5k each to fund Akufo-Addo’s tour
544. CID cooks report to clear two Deputy Chiefs of Staff
545. Ahanta West DCE rejects official bungalow, blows GHC22k on hotel accommodation
546. Finance Minister in procurement breaches over GHC10 million loan to MacDan
547. NPP grabs GHC900 million from two banks without board approval
548. Osafo Marfo appoints two sons into top government positions
549. Stephen Ntim appointed Lands Commission boss under a repealed law
550. Akufo-Addo sacks 13,000 public sector workers to create space for his family and friends in NPP
551. 6 million blown in Ghana@60 March parade
552. GHC9 million spent by Agric Minister to procure fake chemicals to fight armyworms
553. BOST boss in 5 million liters contaminated fuel deal
554. Northern Regional Minister, Bugri Naabu clash over road contracts
555. 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,

SGD

David Yaw Mordey,

Economist and Data Scientist,

Tel: +233241841599

 

About The Author