Edem speaks against UT Bank and Capital Bank takeover

VRMG boss Edem is desolated over the takeover of two commercial banks UT Bank and Capital Bank by the Ghana Commercial Bank (GCB).
A press statement by the Bank of Ghana on Monday, August 14 announced that “GCB BANK LTD TAKES OVER UT BANK LTD AND CAPITAL BANK LTD” but the rapper thinks it is a wrong move initiated by the central bank of Ghana. Edem in a tweet after the sad news went viral stated that the decision to revoke the license of these two commercial banks will make people lose interest in businesses owned by Ghanaians.
He asked top officials to support “our own”.
“I am sad…Issues like this would continue to make ppl lose confidence in Ghanaian owned businesses….Not a good one…Let's support our own” Edem tweeted Monday afternoon.” he tweeted.

The action of BoG to revoke their license was triggered by the inability of the two banks to turn around their negative capital adequacy position which has lingered on for some time now.