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Merchant Bank Supports Govt. With 100 Million Dollars – The Ibrahim Mahama Factor

Merchant Bank Supports Govt. With 100 Million Dollars

There have been several calls by members of the NPP Government to have members of the Mahama family arrested.

Such calls include Hon. Kennedy Agyepong promising to kill himself if Ibrahim Mahama is not arrested.

Efforts to implicate the Mahama familiy have however proved fruitless, with no evidence that the Mahama family members were involved in any illegal activities, in the period of President Mahama’s presidency.

The rumour mill has therefore been left running with stories such as the alledged illegal sale of Merchant Bank by Former President Mahama, to his brother & business mogul Ibrahim Mahama.

When Fortiz Private Equity Limited decided to buy the Government of Ghana shares in Merchant Bank, it was alledged by elements of the NPP that President Mahama had decided to sell the Bank to his brother,Ibrahim Mahama.

In fact they coined the phrase,”President Mahama and Forthieves”.

The NPP Minority held several press conferences and accused President Mahama of being corrupt because of the share transfer.

They claimed with surety, that the Merchant Bank belongs to President Mahama and his brother Ibrahim.

Today, in a strange twist of events, the same Merchant Bank is in the news as having earmarked $100 million to support the NPP government.

It was reported that the management of the Universal Merchant Bank has earmarked 100 million dollars to support government’s one district, one factory initiative. The Board of Directors of UMB Bank led by its Board Chairperson, Mrs. Betty Zormelo, disclosed this when they paid a courtesy call on the President Nana Akufo-Addo at the Flagstaff House in Accra on Thursday.

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The 2017 Budget Statement sets various bold agendas for the transformation of the economy of Ghana, through industrialisation. One of the flagship concepts under which the government plans to support the creation and growth of small and medium scale factories is the “One District, One Factory” econcomic Policy, in all 216 districts in Ghana.

The focus of the meeting was on the President’s flagship agenda of One District One Factory initiative. According to the government, the initiative is built on enhancing the competitive advantage of each district, through industrialisation, and shall be implemented hand-in-hand with the private sector through various private public partnerships (PPP). However, due to the dire economic circumstances in which Ghana currently finds itself, the government is limited in its ability to provide funding for this project. To ensure the success of this concept therefore, the government is partnering with UMB Bank as its financial partner to implement the One District One Factory concept.

President Nana Akufo-Addo also lauded the strong partnership of his Government with UMB Bank to establish a Public Private Partnership Incubation Centre to Support Government’s One District One Factory initiative.

The President described the announcement as one of his birthday gifts, saying it is a welcome news to him and his government. He tasked the Trade and Industry Ministry to strongly partner with the bank to ensure that the product of the bank is harnessed by interested businesses who buy into the one district, one factory vision of the government.

Speaking at the courtesy call on the President Nana Akufo-Addo, the Board Chairperson, Mrs Betty Zormelo stated that the experience of UMB as a Merchant Bank will be leveraged a “UMB PPP Incubator Centre” solely for the purpose of supporting the needs of enterprises that seek to partner with the government on the “One District, One Factory” concept. We at UMB are “Big on Small Business” and we see this as an opportunity to offer our expertise in the sustainable implementation of this transformational agenda.

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It would appear that the Mahama family who own the bank, are more than willing to help the government deliver on its promises to Ghanaians.

Source: Mahama Legacy Group

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