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  • Writer's pictureNana yaw Dynamic

Banking sector clean-up has left me with nothing – KAMA Group CEO


The President of Mikaddo Holdings and Founder of KAMA Group of Companies, Nana Dr. Michael Agyekum Addo, has focused on the monetary battles he has experienced since the financial area clean-up.


Talking at a book launch held at Academic City College in Accra on March 28, he unveiled how his retirement reserve funds, amassed more than thirty years, were affected by the tidy up, leaving him unfit to back esteemed drives like the book launch.


"I'm a retired person and all my cash, I should admit, the cash that I saved to deal with my benefits has been taken over by the financial tidy up. "In this way, I don't have the cash to help such a brilliant book.


What's more, in the event that I let you know the amount I put something aside for north of 30 years to deal with my position now, you will sob for me," he said.

Dr. Addo likewise itemized the functional difficulties his drug fabricating organization in Tema, one of the city's chief, looked because of frozen reserves coming about because of the tidy up. This monetary strain, he made sense of, has raised above costs, compounded by pressures from charge organizations and utility suppliers.


"One of the most mind-blowing drug producing organizations, WHO standard, in Tema; in light of the fact that my cash has been secured and they can't give it to me, I'm disliking my overheads. I'm telling you, either GRA is on your neck or the ECG has come to put off your light," he shared.


His account reveals insight into the more extensive repercussions of the financial area tidy up on people and ventures across the country.

What prompted this? In 2017, the Ghanaian government, drove by Money Priest Ken Ofori-Atta, started an extensive rebuilding of the financial area. This drive saw the combination of banks from 34 to 23 and the repudiation of licenses for 347 microfinance establishments, 15 reserve funds and credits organizations, and eight money houses because of administration issues.


The state's mediation in this cycle, barring interest installments, was assessed at GH¢16.4 billion from 2017 to 2019. Nonetheless, by 2020, the public authority revealed that the all out use on the financial area tidy up had ascended to around GH¢21 billion.


Various monetary foundations impacted by the permit renouncements have challenged the public authority's activities in court, and judicial procedures in regards to these issues are continuous.



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