Alhaji Seidu Agongo discusses the collapse of Heritage Bank and his belief in its potential to revolutionize Ghana’s banking sector. He criticizes the Bank of Ghana’s actions as politically motivated and questions the rationale behind revoking the bank’s license. Agongo emphasizes the need for fair regulation to ensure growth within the banking industry.
Alhaji Seidu Agongo, majority shareholder of the defunct Heritage Bank, expressed his belief that the bank had the potential to introduce unmatched competition in Ghana’s banking sector. He stated, “Heritage Bank would have given the entire banking industry in Ghana competition they could never match. Have you visited any of our branches before? Our success was in the planning, not just what you saw.” Agongo detailed the significant challenges leading to the bank’s collapse and criticized the actions of the central bank that undermined his vision.
In his interview with GBC News, Agongo reflected on how he aimed to elevate Ghanaian banks on an international scale, citing the global presence of Nigerian banks as an example of potential. He assembled a credible board, including notable figures such as ex-BoG Governor Alex Ashiagbor, emphasizing, “Would they be part of a fraudulent bank?” His frustrations stem from what he claims to be politically motivated actions against Heritage Bank.
Agongo raised a critical question regarding the Bank of Ghana’s (BoG) rationale in revoking Heritage Bank’s license. He queried, “If I wasn’t fit and proper, why did they ask me to merge with other banks?” He argued that BoG had previously conducted extensive checks before awarding his bank a license, casting doubt on the consistency of their regulatory evaluation.
Despite his grievances, Agongo surprisingly expressed gratitude toward former BoG Governor Dr. Ernest Addison. He articulated that he believes the central bank operates under political influences, stating, “Whoever appoints you holds the key to your actions. How do I appoint you and you say you’ll be independent?”
Agongo alleged that there was a deliberate effort to target him and weaken his position. He questioned the fairness of shutting down his bank amid an unresolved court case against him, stating, “You collapse a private institution employing Ghanaians because the owner has a case in court? Does that sound fair?” His personal struggles led him to moments of self-doubt about his future.
Following the Attorney General’s decision to dismiss charges against him, Agongo remains optimistic yet critical of the banking regulatory framework. He believes his experience reveals inconsistencies that contributed to the downfall of Heritage Bank, asserting a need for reform.
Alhaji Seidu Agongo’s reflections on the collapse of Heritage Bank highlight significant concerns within Ghana’s banking regulatory framework. He believes that political influences led to the bank’s downfall despite its potential for competition and growth. His assertions call for a critical examination of the regulatory environment to foster a fair banking industry in Ghana.
Original Source: www.gbcghanaonline.com
