Parliament to probe collapse local banks

By
Christopher Arko

Accra, Aug. 17, GNA – The Finance Committee of
Parliament is ready to conduct investigations into circumstances that has led
to the collapse of seven local banks since 2017.

As part of the probe, the committee is
expected to summon the Bank of Ghana (BoG), KPMG, Price Waterhouse Coopers
(PWC) and shareholders of the collapsed banks to appear before its hearing
slated for September 5 to 7, 2018.

This follows a crunch meeting by the committee
to look into the happenings in the country’s banking sector.

Dr Mark Assibey Yeboah, Chairman of the
Finance Committee, speaking to the media, stated that the committee has
officially written to the BoG to furnish parliament with all documents relating
to the collapsed banks.

The UT and Capital Banks were acquired by GCB
Bank in 2017 after they were declared bankrupt by the Bank of Ghana.

Five other local banks – UniBank, Beige Bank,
Royal Bank, Sovereign Bank and Construction Bank were recently merged by the
Central Bank into the Consolidated Bank following liquidity challenges.

Dr Assibey Yeboah also stated that the probe
would focus on the Finance Ministry, the Bank of Ghana as well as the receivers
of the defunct banks.

Mr Cassiel Ato Forson, Ranking Member on
Finance said the method for the probe would be made available to the public in
due time.

He hinted that the Directors and other
stakeholders of these banks would be invited if necessary, and assured that the
probe would be conducted in a transparent manner, devoid of any partisan
consideration.

Mr Ato Forson further explained that the
committee is yet to decide whether the intended probe would be open or held in
camera.

“We are yet to decide whether we will go
public or not but what we can confirm is that we have decided to investigate,”
he added. 

He said the committee hopes to find out the
causes of the collapse of the seven banks; whether it was due to carelessness
of some parties or some other factors.

“If indeed it was negligence, what is the way
forward. We will have to draw some lessons out of it,” he said.

GNA

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