• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Dr Asiama a Scapegoat of Poor Government Payment Policy

6 months ago
in Banking & Finance, Business, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
160
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Dr Asiama a Scapegoat of Poor Government Payment Policy

The sharp rise in Non-Performing Loans of banks in the country has been largely attributed to delays by the government to pay contractors, Alliance for Development and Industrialization has revealed.

In a statement issued in Accra and signed by the Convener, Dr Richard Nunekpeku, “Government contracts over the years have been the largest reason for high NPLs with the banks which affected their profits.”

These delayed payments by the government resulted in the closure of nine domestic banks and over 400 financial institutions, including microfinance institutions and savings and loan companies.

The Ghana banking crisis was a severe banking crisis that affected Ghana between August 2017 and January 2020. The Bank of Ghana (BoG) allowed several indigenous banks to be taken over by private companies.

“Governments over the past years award contracts but the usual characteristic of delayed payments of which some take as long as 8 years to pay, damages the books and investment of banks of which most of the time the board and leaderships anticipated some profits buts get their dreams dashed whiles interest keeps piling up whiles Government struggles to make payments of which no consideration is given to the interest pileups,” it said.

It is clear that most of the banks had funded government contracts and were in anticipation of payments for which the Bank of Ghana also owed it a responsibility to keep them functioning by giving them liquidity support.

RelatedPosts

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

Unfortunately, due to the usual politics of victimization and always shifting blame, there was an empirical evaluation of the situation which for instance evaluating the real cost of restoring the liquidity position of the banks and also addressing the lost profits of its shareholders. Just like the US did some time back under President Obama, they funded the banks under stricter supervision and made sure they recovered.

The financial sector reforms under Mahama/Asiama would not have been closing banks and losing jobs while putting the Central Bank in unrecoverable debt. These banks would have been challenged to be productive to recover with better supervision while jobs are kept and economic growth is achieved. This could have harnessed the economy to avoid any haircut.

Sadly the insensitivity of the NPP government led to such an economic calamity in 2022. We should hail John Mahama for making sure the right thing has been done to restore the needed economic growth and welfare of the citizens

The mind-boggling question to the NPP and receiver is, how much in asset wastage and the true cost of the exercise and we will realize that the cost of job losses, Asset Idle cost, and projected returns in addition to payouts have cost the economy over GHS 50 billion.

“We call on the opposition and other institutions, calling for the reverse of Dr.Asiama as the Governor of the Bank of Ghana should rethink and mature beyond politics and let practicality work in Ghana while we reduce the textbook economies that have been the practice over the past 8 years,” it said

Tags: Asiama a Scapegoat of Poor Government Payment PolicyBank of Ghana (BoG)non-performing loansPoor Government Payment Policy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Djokovic and Gauff Gear Up for US Open with Strategic Focus

CHAN: Morocco and Madagascar Advance to Semi-Finals, Ending Kenya and Tanzania’s Dreams

Trending

Features

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

August 23, 2025

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert Nigeria’s ports handle...

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

August 23, 2025

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

August 23, 2025

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

August 23, 2025

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

August 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.