The Executive Director of the Danquah Institute (DI) has described as palpable false claims that it was behind the collapse of financial institutions owned by members of National Democratic Congress (NDC).

Richard Ahiagbah said such wild allegations are borne out of malice and must be treated with the contempt it deserves.

Mr. Ahiagbah was reacting to a video on social media in which a male voice is heard detailing how some of the indigenous Ghanaian banks collapsed, alleging it was a well-orchestrated plan by the Akufo-Addogovernment before officially assuming office.

The unidentified voice further claimed a document specifically mentioned Dr. Kwabena Duffuor and Papa Kwesi Nduom owners of uniBank and GN Bank respectively as targets.

The unidentified person also alleged that, government acted on an article put out by, Danquah Institute, a think tank affiliated to the ruling New Patriotic Party (NPP).

But in a rebuttal, Mr. Ahiagbah said such wild allegations are  intended to make the AkufoAddogovernment unpopular.

He noted that, though we do not know the people behind the video, its content is consistent with the opposition NDC’s propaganda narrative.

“The video makes wild and objectionable claims that appear to implicate the Institute in a ploy to willfully collapse some banks…We wish to state unequivocally that the claims contained in the video are false, a complete fabrication and distortion of the fact” Mr. Ahiagbah stressed.

The Danquah Institute boss indicated that a total of nine universal banks, 23 specialised depositing taking institutions and 386 microfinance and credit institutions, were barely hanging in 2017 when the government assumed power. 

“The banking sector problems, what this government inherited, and what measures it has put in place to restore sanity are no secrets” he stated.

Instead of painting the government black, Mr Ahiagbah urged the NDC to rather commend government for salvaging the banking sector

"Government chose, arguably, the most challenging approach but one that is realistic and consistent with its compassionate liberal-conservative values to protect the interest of depositors, employees, and the economy.

"Its approach has saved the solvent but struggling banks through the Ghana Amalgamated Trust (GAT) and cleanup of the insolvent banks to promote long-term growth and confidence in the sector,” he said.