Parliament to open full probe into the failure of the 7 banks – Committee Chairman

Parliament to open full probe into the failure of the 7 banks – Committee Chairman

- Parliament's Finance Commitee will soon begin investigating the reason for the collapse of 7 local banks

- Its chairman, Dr. Asibey Yeboah, stated that there is there is no need to invite the directors of the affected banks

The Finance Committee of Parliament, has revealed that it will soon begin probes into the collapse of seven local banks.

The chairman of the committee, Dr. Asibey Yeboah, stated that it has been agreed that the directors of the banks will not be invited to answer questions.

According to him, representatives from the Central Bank, the Consolidated Bank Ghana Limited, KPMG, PriceWaterhouseCoopers and the Finance Ministry are scheduled to appear before them and will respond to questions on the issue.

A man wearing a suit

Dr. Assibey Yeboah, Finance Committee Chairman of Parliament Source:

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“We have made it clear from the onset that we are inviting the institutions to have an in-camera hearing to garner first-hand information from them,” he said.

In August 2017, GCB Bank assumed the assets and liabilities of the then UT Bank and Capital Bank.

A year later the Bank of Ghana (BoG) announced the merger of five banks to form the Consolidated Bank of Ghana.

The affected banks were Unibank, Construction, Sovereign, Royal and Beige Banks. This was after they had all run into challenges with regard to their liquidity.

Dr. Yeboah explained that the committee will be meeting with representatives of the BoG because it closed down the seven banks, and Finance Ministry because, they voted money to capitalize the newly created Consolidated Bank as well as issued a bond of GHC8 billion.

He went on to say that there is the need to get first-hand information from the affected institutions, and there was no reason to rely on media accounts to query the directors of the banks.

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