Revocation Of Heritage Bank’s Licence Wasn’t Politically Motivated – Nana Bediako

A member of the ruling New Patriotic Party (NPP) communication team has dispelled claim that the Bank of Ghana revoked the license of Heritage Bank because its majority shareholders belong to the opposition National Democratic Congress (NDC).

According to Nana Bediako Dannsa Appiah, the bank went down as part of the Central Bank’s efforts to clean up the banking sector.

“The revocation of the license of Heritage Bank had no political underpinnings as being propagated by many people,” he told Mugabe Maase, host of Inside politics on Radio XYZ 93.1.

Mr Appiah said the laws guiding the banking sector in the country requires that a licensed bank gets a stated minimum capital requirement, adding that Heritage Bank had to go down for failing to meet that requirement.

Ernest Addison, BoG Boss.

“We must deal with this issue devoid of politics,” he asserted and explained that the action of the BoG was not politically motivated, but rather, “the laws were made to work.”


The BoG explained its reason for revoking the license of the bank bothered on licensing, the sources of capital and related party transactions of Heritage Bank.

“ ..the bank failed to meet the ¢400 million capital required as of 31st December 2018,” BoG Governor, Ernest Addison revealed last week.

The Central Bank stated that the source of funds of the majority shareholder of the bank, Alhaji Seidu Agongo, a known NDC business man, was questionable.

“…The Bank of Ghana is not satisfied that the original sources of the bank’s capital are acceptable, in terms of section 9 (d) of the Banks and SDI Act, 2016 (Act 930) and section 1 of the Anti-Money Laundering Act of 2008 (Act 749) which requires acceptable capital to be obtained from lawful and transparent sources,” the Central Bank’s statement said.

BoG explained that the ¢120 million used to set up the bank appears to be linked to sources under criminal investigations.

Mr Agongo is standing trial on 27 charges including bribery and causing financial loss to the state after the state said his company Agricult did not have the capacity to provide fertilisers when it won contracts valued at 217 million.

The BoG said while Mr. Agongo claimed that his sources of capital for the bank included proceeds of a USD 19.25m contract with COCOBOD, its investigations showed that there was no such contract between COCOBOD and Mr. Adongo.

“One or more contracts executed however existed between COCOBOD and Sarago Limited (“Sarago”). Documents submitted to the Bank of Ghana for licensing of the bank made no mention of the contract between COCOBOD and Sarago nor the fact that Sarago (also a shareholder of the bank) was owned by Mr.Agongo,” the BoG explained.


By: Henryson Okrah/