Parliament Begins Bank Probe

Parliament will today, Wednesday, 5 September 2018 begin to probe the circumstances that led to the collapse of some seven local banks in the country.

Officials of the Bank of Ghana (BoG) and Finance Ministry will be questioned by Parliament’s Finance Committee about the roles the institutions played in the collapse of the banks.

In August 2017, UT Bank and Capital Bank went down and all their assets and liabilities were taken over by state-owned GCB Bank.

A year later, the Consolidated Bank Ghana Limited was formed after the central bank fused the Sovereign Bank, The Construction Bank, The Beige Bank, The Royal Bank and uniBank together after they all ran into liquidity problems.

Chairman of the Finance Committee, Dr Mark Assibey Yeboah, told Class News: “We’re meeting the Bank of Ghana from 9am until 1pm on Wednesday and then in the afternoon we’ll meet with the Ministry of Finance”.

He said on Thursday, the committee will meet first with PricewaterhouseCoopers and then with KPMG and then the new Consolidated Bank officials.

On Friday, the committee will meet other regulators like the Security and Exchanges Commission and the National Insurance Commission.

Dr Assibey noted that: “We have to get firsthand information, we cannot rely on media commentaries to make informed opinions, so, we’re meeting with the institutions.”

News Reporter

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