The proposal for a forced takeover of PT Bank Central Asia Tbk. (BBCA) or BCA by the government, raised by certain parties, has drawn sharp criticism from academics and economic practitioners. Senior Indef economist and Rector of Paramadina University, Didik J. Rachbini, described the notion as dangerous, misguided, and irrational, warning that it could undermine the national economic ecosystem.

“Without any clear reason, there has suddenly been a narrative from political circles [PKB] and the House of Representatives urging the government to forcibly acquire BCA shares. Such a hostile takeover, if driven by politics and power, is extremely dangerous,” Didik said in a written statement on Friday (Aug 22, 2025).

He stressed that President Prabowo Subianto should not entertain the idea, as it could damage the banking system that has been firmly established since the post-reform era. He further reminded that Indonesia has endured multiple crises—from the 1998 monetary crisis to the 2008 global financial crisis and the Covid-19 pandemic—yet the banking sector has remained resilient due to a solid system.

“If this misguided idea is implemented, market confidence will collapse. Banks will no longer be trusted, and no one would recommend investing in BCA again,” he asserted.

Didik further emphasized that BCA’s performance, along with other state-owned banks under Himbara, has been a critical pillar of the national economy. The bank has made significant contributions in driving credit growth, supporting business activities, and contributing substantial tax revenues.

Therefore, he argued, the banking sector must not be disrupted by political maneuvers. “Taking over BCA shares without legitimate reason is an act of political policy anarchy. It serves as a warning sign for the country’s economic climate, potentially leading markets to believe that rogue elements within the state aim to suppress business actors,” he warned.

Nevertheless, Didik welcomed the government’s clarification that helped calm market concerns over the forced acquisition issue. Investment Minister and Head of the Indonesia Investment Authority (BPI Danantara), Rosan Perkasa Roeslani, firmly stated that neither Danantara nor the government has any plans to acquire 51% of BCA shares.

Didik noted that such a statement is vital to curb wild narratives that could damage market trust. “The state must foster and maintain a healthy market environment, encouraging strong business growth—not intervene and destroy it,” he concluded.