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Minority Leader demands accountability in supervision and regulation of collapse banks

Minority Leader, Haruna Iddrisu has called on government and the Bank of Ghana to provide transparency and accountability in the management, supervision and regulation of the collapsed financial institutions.

According to him his demand of transparency has to do with  eight banks (8) and over four hundred small and micro finance institutions (400) and some twenty three other savings and loans companies.

At a media briefing, he pointed out that in accordance with banks and specialized deposit institutions Act 930/section 130/1; "A receiver shall establish a new financial position for the bank or specialized deposit institution based on a determination of the liquidation values of the assets of the bank or specialized deposit taken institution".

He further said, section 130/4 of the Act states that, the receiver shall within one month taken possession of a bank or specialized deposit taken institution and transmit a copy of the inventory report to the Bank of Ghana and demanded that the Bank of Ghana the regulator to produce the inventory report they received from the receiver of the collapsed banks.

Mr. Iddrisu  went further  to  ask the Bank of Ghana where  exactly,  they have published the inventory report as required by Act 930, section 130, and that, this country must be governed in accordance with law but not on the minds of the individual.

He further explained that, under the contract, the receiver is entitled to five percent of every asset recovered on auction of the assets of the collapsed financial institutions and seek to know how many percent was paid to the receiver in this regards. He believes the receiver might have been paid more than what has been stated in the contract.

The Minority Leader refreshed the memory of the journalists that government issues a sovereign bond in 2018 and added that it was dedicating an amount of four hundred and fifty million Ghana cedis to the Consolidated Bank of Ghana (CBG) to finance the sectors bail out.

“We in the Minority demand to know who the owners of the CBG. We need to know because public funds is being invested in CBG. We want to know if the amount spent if it is a loan or equity, I do not have answers and I am demanding answers to this”.

The Tamale South lawmaker also pointed out that President Nana Akufo-Addo had said ninety-six of the depositors had been paid but pointed out that government is not being transparent and noted that the irony of the issue is that same depositors have not gotten their money. 

Again, he demanded an audit on depositors who have been paid for the Minority to ascertain if they can rely on the presidents “so called ninety-six percent payment”. 

Kwaku Sakyi-Danso/Ghanamps.com

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