Bank of Ghana snubs Parliament over investigation into revocation of banking licenses

Bank of Ghana snubs Parliament over investigation into revocation of banking licenses

- The Bank of Ghana has refused to appear before Parliament to help its investigations over the revocation of the licenses of Unibank and UT Bank

- BoG explained that the decision was influenced by its statutory powers under the Banks and Specialised Deposit Taking Institutions Act, 2016

- The central bank’s response comes after Amoabeng and Dr Duffour petitioned Parliament to probe BoG’s conduct and the Ghana Stock Exchange (GSE) over the withdrawal of their banking licenses

Our manifesto: This is what YEN.com.gh believes in

The Bank of Ghana has refused to appear before Parliament to help its investigations over the revocation of the banking licenses of Unibank and UT Bank.

BoG explained that the petitioners, Prince Kofi Amoabeng of the UT bank and Dr Kwabena Duffour of Unibank, seek to get Parliament to review decisions that it has taken.

In a report filed by JoyNews, the central bank further explained that its decision was influenced by statutory powers under the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930).

Read also

Sputnik V COVID vaccines were bought at $19 instead of $10 – Health Ministry explains

Bank of Ghana snubs Parliament over investigation into revocation of banking licenses
Bank of Ghana snubs Parliament over investigation into revocation of banking licenses
Source: UGC

BoG says the two bank owners, through petitioning Alban Bagbin, have invited the legislature to issue instructions to it in the performance of its duties thus, contrary to section 3 (2) and section 4 (1A) of the Bank of Ghana Act , 2002 (Act 613).

The central bank’s response comes after Amoaneng and Dr Duffour petitioned Parliament to probe BoG’s conduct and the Ghana Stock Exchange (GSE) over the withdrawal of their banking licenses.

The petitioners amongst other things asked Parliament to order BoG to restore their license.

Parliament after setting up a seven-member committee to probe the issues asked the central bank to file a response to the petition.

In other news, news has come out that Ghana was cited by Norwegian news portals in an investigative report for buying the Sputnik V vaccines from the Russian Direct Investment Fund (RDIF).

According to the report, it was bought through some businessmen at an overpriced unit cost which was almost double the original price.

Read also

We are still paying interests on loans by our grandfathers - Stonebwoy 'cries'

The vaccines were purchased at $19 instead of the original buying price of $10.

Enjoy reading our stories? Join YEN.com.gh's Telegram channel! Never miss important updates!

Download YEN's news app on Google Play now and stay up-to-date with major Ghana news!

Source: Yen.com.gh

Online view pixel