The group chairman of Doscar Holding, His Royal Highness Oscar Yao Doe has issued a caution to Ghanaian Commercial Banks that have chosen the public institutions over the private ones, when it comes to granting of loans.
HRH Doe was responding to a report by Ghanaweb taking from the Bank of Ghana’s Banking Sector Report, according to the Ghanaian businessman, this decision could have a long term negative impact on the banks. This will arise when there is a change in government like seen in the past, where a newly elected government reportedly become adamant in paying a debt owed financial institutions attributing the debt to the previous government.
Read his full post below.
Commercial Banks In Ghana, Do Not Get Carried Away Giving Too Much Loans To Ghana’s Government Institutions At The Detriment Of The Private Sector, It’s Highly Likely That Future Administrations May Also Refuse To Repay The Loans Taken Under President Akuffo Addo: A New Administration Could Say It’s Not Their Responsibility But Rather, It’s President Akuffo Addo’s Debt And Not Ghana Government Debt As Was Done Recently To Our Ghanaian Owned Banks By Hon Ken Wicked Ofori-Atta And Co Disowned Ghana’s Government Contractors Debt Saying It’s President John Mahama’s Debt And That Was The Excuse They Relied On, To Revoke The Licenses Of Many Ghanaian Owned Banks And Say The Owners In Their Faces: “Go Die” Just Like That (End Of Story) So Be Careful. A Word Of Advice Is Enough For The Wise.