6 businesses allegedly collapsed for political reasons - Raymond Archer lists

Ghanaian businessman, Raymond Archer, has averred that some local businesses were brought to their knees after the New Patriotic Party (NPP) took office.

In a press release sighted by GhanaWeb Business, he said one of the biggest printing companies in Africa, IKAM, was collapsed under former President Kufour due to suspicions that its owner had ties to the NDC.

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He further said one Eddie Annan also had his Massai company and Country Waste management company targeted and destroyed.

According to him, the businessman was subsequently arrested and had his passports seized for a long time because of his perceived closeness to the Rawlingses at the time.

Raymond Archer also stated that Eddie Annan's IBM and payroll systems were cancelled by the NPP government.

"I indicated that IKAM printing Press, one of the biggest printing companies in Africa, suffered slow death under the previous Kufuor regime due to suspicions that its owner had ties to the NDC. I also mentioned that Eddie Annan’s Massai company was targeted and destroyed and he was arrested and his passports seized for a long time because of his perceived closeness to the Rawlingses, especially the former first lady, Nana Konadu Agyeman Rawlings. His contracts with IBM and payroll systems were canceled. His pioneering company in waste management in Ghana called City and Country Waste was injected with poisonous darts under the Kufuor regime till it also died," Raymond Archer's press release sighted by GhanaWeb Business stated.

He noted that his companies - Universal Labels and Packaging Co. Ltd (UNIPACK) and Colour Planet Limited - located at Trade Fair in Accra were also demolished in 2020.

Touching on the financial institutions, he said Unibank, owned by Dr Kwabena Dufuor collapsed during government's banking sector clean-up exercise.

He cited Seidu Agongo, founder of Heritage Bank as a victim of the clean-up exercise.

"I also mentioned the numerous banks which have collapsed under the current regime including two banks owned by Dr. Kwabena Dufour (Unibank) and my classmate Seidu Agongo (Heritage Bank)," portions of Raymond Archer's post read.

In a bid to restore confidence in the banking and specialized deposit-taking sector, the Bank of Ghana embarked on a clean-up exercise in August 2017.

Spending over GH¢20 billion, the Central Bank’s action was to resolve insolvent financial institutions whose continued existence posed risks to the interest of depositors.

But businessman, Raymond Archer, has wondered why government embarked on the clean-up exercise worth GH¢20billion when these collapsed banks needed only GH¢9billion to be in business.

Below are the businesses allegedly shut down due to political reasons, according to Raymond Archer:

IKAM printing press

Massai company

Unibank

Heritage bank

City and Country waste

Universal Labels and Packaging Co. Ltd (UNIPACK)

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