Seidu Agongo, Ghanaian businessman and founder of defunct Heritage Bank
Businessman and founder of the defunct Heritage Bank, Seidu Agongo, has alleged that the immediate past Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, deliberately orchestrated the collapse of Heritage Bank as part of a broader government scheme to weaken him.
Agongo, who owned a 70 percent stake in the financial institution, stated that while the central bank is meant to operate independently of the executive arm of government, Dr. Addison acted under the directives of those who appointed him.
“The structure of appointments in this country makes it easy for appointees to be controlled by the government of the day. That allows individuals with ill intentions to be used to fulfill political objectives,” he said in an interview with Accra-based TV3’s Business Focus segment.
He further emphasised that although the Bank of Ghana is expected to operate as an independent institution, in reality, it does not.
“Whoever appoints you holds the key to your actions. How can I appoint you, and you claim to be independent? You will always do as you are instructed,” he insisted.
Agongo firmly believes that there was a deliberate effort to destroy him.
“They were asked to nail me,” he asserted.
He also criticized the justification given for the revocation of Heritage Bank’s operating license, which was based on an ongoing court case against him.
“You shut down my bank just because I had a case in court, not because a verdict had been given against me. Does that make sense?” he questioned.
“A private business that went through due process to obtain a license, employed Ghanaians, and was fully operational was shut down simply because its owner was in court. How is that fair?,” the businessman stressed.
The Bank of Ghana officially revoked Heritage Bank’s license in 2019 as part of its financial sector clean-up, citing concerns related to the source of its capital and governance issues.
Seidu Agongo, who had been facing trial over the bank’s collapse, was recently cleared by the State after the Attorney-General’s office announced that his prosecution had been discontinued.
MA