BoG, MoF Dragged To Parliament over Collapsed Banks

Officials of the Bank of Ghana (BoG) and Ministry of Finance (MoF) will in the coming days appear before the Finance Committee of Parliament as part of investigations into the collapse of some seven local banks.

Disclosing this to the media, the Chairman of the Finance Committee in Parliament, Dr. Mark Assibey- Yeboah said: ”We agreed on the mode of the hearings and who to invite and all other matters; so that is what we have been deliberating”.

“We are going to write to the BoG for the relevant documents. That is why we have given ourselves three weeks to ask for documentation, and we will meet again here on August 30 to peruse those documents; and if there are any gaps, we will ask for more”.

Dr. Yeboah expressed concern about the manner in which the MoF had set up a new bank using cash meant to resuscitate another collapsing bank, and the doling out of GH¢8billion for that.

“Shouldn’t we be concerned?”, he asked.

Sources close to Parliament have hinted that the three-day hearings, slated for September 5-7, 2018, would not be in public due to the sensitivity of issues involved.  The media would, however, be briefed on the proceedings.

The collapsed banks are: Capital Bank, UT Bank, uniBank, Sovereign Bank, Biege Bank, Construction Bank, and Royal Bank.

By: Hannah Bonful