Isaac Adongo has issued a word of caution to some Indian investors whom the Consolidated Bank, Ghana (CBG) is being allegedly sold to, that purchasing the bank will be at their own risk.
“I would like to inform those investors that they will be taking a huge political risk if they decide to take that bank,” he said Saturday, September 21, 2024, during an interaction with some students of the Tamale Technical University.
Adongo had earlier alleged at a lecture at KAMA Conference Centre in 2020 that government was planning to sell the CBG, an allegation he repeated Saturday, saying the bank was going to be sold to an Indian company.
The Member of Parliament for Bolgatanga Central says although government has denied that the bank is up for sale, he has given many reasons why people in the Akufo-Addo-Bawumia administration cannot be trusted for their words.
The Ranking Member on Parliament’s Finance Committee, has, however, told the supposed prospective buyers of the bank that there are many reasons for which they should not commit their funds into the purchase of the bank, cautioning that they will lose their money for doing that.
“They should remember that that arrangement would be an international business transaction under the proper definition of Article 181(5) of the Constitution, that will require parliamentary approval. I doubt if they will attempt anything in Parliament in the days leading up to the election,” he stated.
He continued that, “if the government were to sell a national asset to fund the budget, there must be in the budget what we call divestiture proceeds as a line of income. We did not approve any divestiture proceeds. So, even if they sell it, how are they going to spend that money? Unless they violate the Constitution.”
He advised the Finance Minister to abort the intention of selling the bank since the next NDC administration will hold them accountable for it.
“So, Mohammad Amin, this time it is not Ofori-Atta. It is Dr. Mohammed Amin, our own brother. He should not allow them to push him to sell. Because we will come after those who will sell that bank. And the people who will buy that bank without the appropriate regulation and legal procedures will lose their money,” he cautioned.
