This year, the banking industry has really been dealt with by its regulator, the Bank of Ghana.
Already, some banks have folded up and others have been merged to form the Ghana Consolidated Bank Limited.
Last year, two particular banks took centre stage.
UT Bank and Capital Bank were taken over by GCB since the Bank of Ghana decided that the banks could no longer meet its liabilities or pay its debts.
Now, for most people, they only heard that UT and Capital banks were actually failing banks when Bank of Ghana announced the GCB takeover, however, those two banks have been having money problems for a very long time.
Prior to their dissolution, the Bank of Ghana had given both Capital and UT banks more than GHS 800 million of taxpayer money to improve the banks’ liquidity.
However, the top level management of Capital Bank, of which Dr. Mensa Otabil, the head of ICGC, acted as the Board Chairman decided against the initial purpose of the money BoG gave them and diverted the GHC 610 Million BoG gave it in 2015 to acquire Sovereign Bank, another failed bank that is one of five banks merged to form the Consolidated Bank.
Now as a result of the bad decision the management took, the Bank of Ghana had to raise GHS 2.2 Million for GCB to take over the two banks.
Many believe that the taxpayers being forced to pay for the bad decisions made by private individuals is a cheat on Ghanaians. All the money the Bank of Ghana spent on Capital Bank has not been retrieved so, in effect, ordinary Ghanaians paid for debts rich men accrued in their pursuit for more riches.
Social Media has been a free flow of Otabil hate rhetoric and people calling for his prosecution, especially when he is one well known for extolling the virtues of good behaviour and good governance for the benefit of the poor and needy.
as for @MensaOtabil dier, he’s been stealing for a while, it’s normal. you are diverting funds undergee, but you pastor knows that, doing that is wrong. kai! so prosperity plenty nu this is what it was about? smh
— TOMBOLO ⚧ (@MutomboDaPoet) August 8, 2018
I said what I said. Don’t @ me. It’s clear from all the reports that Dr. Mensa Otabil is complicit in the collapse of Capital and Sovereign Banks. The Police and EOCO should be investigating Dr. Mensa Otabil if they’re not doing so already.
— Nana Ama Agyemang Asante (@JustNanaAma) August 8, 2018
You and Ibrah no difference @MensaOtabil Fraud Guy…
— AQU!LA (@Quabena_AQ) August 8, 2018
So your favorite pastor go chop people demma money saa nso come tv top say he owe nobody an apology 🤣🤣🤣… Mensah Otabil is a savage…but you still Dey here say make we no talk about it…@MensaOtabil good morning 😃
— Medical and Surgical supplies plug 🏥 (@a_surgicals) August 9, 2018
At this very moment, some pastors with more branches than ICGC are wondering how come @MensaOtabil beat them to the PRIZE. He masterminded collapsing two banks & perfected stealing Ghanaian tax payers money, whilst they are still only stealing from the congregation…
— Panji Anoff (@panjianoff) August 9, 2018
In a better world, Dr. Mensa Otabil would have been investigated already and any indictments would have been handed down.
— Kobby Asenso Brobbey (@borga22) August 8, 2018
If only we know what very rich people do to stay rich…