He said the Bank of Ghana is dabbling in politics by revoking the licence of Heritage Bank because its majority shareholder, Seidu Agongo, is standing trial before the high court and being prosecuted by the state in connection with an alleged GH¢271 million Ghana Cocoa Board (COCOBOD) fertiliser scandal.
The BoG said Seidu Agongo is not "fit and proper" to own a bank.
Speaking on the crisis in the banking sector in an interview on Accra-based Class FM, Adongo minced no words in his criticism of the Central bank.
According to him, the decision by the regulator to take over the licences of some banks is nothing more than political.
He added that the BoG targeted Heritage Bank and has decided to intentionally collapse the bank for political reasons.
"It has become very clear that we are now mingling politics with regulation and the earlier this is stopped the better for us.
"There is more political angle to banking and financial sector regulation today than purely technical regulation and that is my biggest worry," he said.
He questioned why the BoG is not operating as a "political player in the regulatory environment".