Ghanaian businessman and founder of the defunct Heritage Bank, Seidu Agongo
Ghanaian businessman and founder of the defunct Heritage Bank, Seidu Agongo, has criticized the Bank of Ghana’s (BoG) decision to revoke his financial institution’s operating license.
“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.
He alleges that the move was part of a broader political scheme orchestrated by the immediate past Governor of the BoG, Dr. Ernest Addison, to weaken him.
Speaking in an interview on Accra-based TV3, Agongo, who owned a 70 percent stake in Heritage Bank, asserted that the central bank, which is supposed to operate independently, was instead influenced by the government.
“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.”
According to Agongo, Dr. Addison acted under the directives of those who appointed him, further questioning the independence of the BoG.
“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 emphasized.
The businessman strongly believes that the closure of Heritage Bank was not based on sound financial reasoning but was a targeted attack against him.
The Bank of Ghana revoked Heritage Bank’s license in 2019 as part of a broader financial sector clean-up, citing concerns over the source of its capital and governance issues. However, Agongo has consistently maintained that the move was politically motivated.
In a recent development, the businessman was cleared by the State after the Attorney General’s office announced that his prosecution had been discontinued.
AM/MA
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