Osei Kyei-Mensah-Bonsu, the Member of Parliament for Suame has called on the Speaker of Parliament, Alban Bagbin, to reconsider his ruling on inquiry into the dissolution of UniBank and UT Bank.

He further averred that the apex court has not concluded on the matter; as such Parliament cannot intervene.

Alban Bagbin has tasked a seven-member committee to investigate the matter brought before it by Prince Kofi Amoabeng and Dr. Kwabena Duffuor on March 19, 2021.

The duo petitioned the Speaker to investigate the conduct of the Bank of Ghana and the Ghana Stock Exchange. This follows the revocation of the licenses of their respective financial institutions.

That notwithstanding, the Majority leader, has expressed his oppositon to the committee’s work. He explained that their intrusion can have dire consequences on the settlement of the case.

“The issue is whether Parliament can order the Bank of Ghana to do something; and whether Parliament has the authority to intervene in the normal cause of transaction at the Bank of Ghana.

“But assuming we even had [the authority], and we determine that the Bank of Ghana should restore the licences to the two banks… Are we not setting Parliament up for a collision course with the court? This is why I told the Speaker that I thought it was wrong for him to do what he was doing”.

Finance Minister designate versus financial sector clean-up

Finance Minister-designate Ken Ofori Atta has refuted claims that the banking sector clean-up undertaken by the Akufo-Addo administration targeted specific individuals.

Ken Ofori Atta druing his vetting revealed that they undertook the clean-up exercise to rectify the rot in the banking sector.

Thus, President Akufo-Addo’s administration merely followed through with the processes for the clean-up.

“To be clear that this was not a policy that was looking to target individuals. . The rot was known [and] cleaning the stables had to be done and we took up the challenge for that. We have seen the result have been good so far.”

Mr Ofori-Atta further indicated that government would have appreciated the support of the minority on the clean-up. He averred that they should have been more appreciative as the problem was identified during their tenure.

UniBank and UT Bank demand inquiry into

Prince Kofi Amoabeng, and Dr. Kwabena Duffuor petitioned Parliament to investigate the conduct of the Bank of Ghana and the Ghana Stock Exchange on the revocation of their licenses.

In the case of UT Bank, the Central bank claimed it took the action against the institution because it was bankrupt. It also revealed that the bank was unable to recapitalise despite several assurances from the company’s shareholders.

Dr. Duffuor is currently litigating the collapse of his bank and its merger with Consolidated bank. He is also asking the House to remedy the “harm” done to the shareholders.