Former Governor of the Bank of Ghana (BoG), Dr Kwabena Duffuor, has said despite Ghana’s enormous natural resources, the country has been plunged into a deep economic crisis.
“The narrative should change immediately, otherwise our children will not forgive us. Our natural resources endowment can change this country, if we decide to use them efficiently and honestly, we are not doing that,” he stated.
The founder of the defunct UniBank was speaking at a forum organised by the Institute for Financial Services Ghana (IFS).
He urged the government and key stakeholders to come on board to rescue the country.
“We cannot disagree that Ghana is a very wealthy nation but Ghanaians are poor, that’s where the problem is. Why are we poor but we are sitting on wealth, so what do we do?
“So, the clergy, what are you doing? The media, what are you doing? Ghana is in crisis,” he said.
Since a dramatic turn of events that saw his bank shutdown, Dr Duffuor has been away from public forums.
The licence of his UniBank was revoked by the Bank of Ghana, together with five other banks to form the new consolidated Bank Ghana.
The Bank of Ghana revoked the licenses of a total of nine banks in its bid to clean up the sector.
The BoG cited various reasons including, capital adequacy ratio crisis, poor corporate governance, overexposure to related parties among others.
The shareholders of the bank have been in court challenging the decision of the Bank of Ghana to revoke the licenses and recently petitioned Parliament on the matter.
