General News of Monday, 1 April 2024
Source: www.ghanaweb.live
2024-04-01Founder of Kama Group reveals financial struggles post banking sector clean-up
Dr. Agyekum Addo
Dr. Agyekum Addo, renowned as the Founder of the Kama Group of Companies, offered candid insights into the financial challenges he has faced in the aftermath of the banking sector clean-up.
Addressing attendees at a book launch event held at Academic City College in Accra on March 28, he unveiled the profound impact the clean-up had on his retirement savings,
Read full articleaccumulated painstakingly over three decades.
During his poignant address, Dr. Addo disclosed the distressing reality that his retirement funds, meticulously amassed with the vision of ensuring financial security in his twilight years, had been severely affected by the banking sector's overhaul. He bared his vulnerability, admitting his inability to extend support to endeavors he deeply valued, such as the book launch event itself.
"I am a pensioner, and all my money, I must confess, I know I am on air. The money that I saved to take care of my pension time has been taken over by the banking cleanup. So I don’t have my money to support such a wonderful book. And if I tell you how much that I saved for over 30 years to take care of my position now, you will weep for me."
Furthermore, Dr. Addo lamented the collateral damage inflicted on his businesses, notably his esteemed pharmaceutical manufacturing enterprise in Tema. Despite boasting a facility adhering to World Health Organization (WHO) standards, he found himself grappling with operational challenges due to the unforeseen financial constraints imposed by the banking sector crisis.
"I have one of the best pharmaceutical manufacturing companies. WHO standard in Tema. But because my money has been locked up and they cannot give it to me, I’m having problems with my overheads. I’m telling you. Either GRA is on my neck or electricity company has come to put off your light…We are suffering o!"
