Bank of Ghana unaware of ‘military bank’ decision – Dr Wampah

The Bank of Ghana says it has not received any application from the country’s Armed Forces to set up a universal bank saying it only heard about the move in the media.

Director of Public Relations of the Ghana Armed Forces, Col. M’Bawine Atintande is on record to have disclosed that the military plans to establish a commercial bank to be opened to civilians, adding that the soldiers have started working on the establishment.

“Yes we are in the process of setting up the bank, I am sure the necessary instruments are being worked on. There is a very good reason that we are doing that bank, not just the bank, but there are many entities that we need to establish to help improve our welfare – that is the welfare of the troops and retired personal,” M’Bawine reportedly told CitiFM in a recent interview.

But the proposed bank has been heard of only in media circles by the central bank as it is yet to receive a formal application from the military indicating the modus operandi.

“I have heard it in the news. We haven’t had any application yet from them,” Acting BoG Governor, Dr Kofi Wampah told reporters in Accra February 13, 2013.

“Until we see the application, we don’t even know what the shareholding will be like,” Dr Wampah added.

“We don’t know the form or nature of that proposed bank” he stated.

Dr Wampah, however, did not comment on the legal basis for the proposed military bank as one lawyer, Mr Foh Amoaning, has threatened to take both the central bank and the Ghana Armed Forces to court if a banking license is granted.

The Armed Forces in recent times have made plans to venture into some private business.

By Ekow Quandzie