Parliament to review BoG response on Unibank, UT Bank petition

The committee investigating the petition brought to parliament over the collapse of UT Bank and Unibank would discuss and analyze the response submitted by the Bank of Ghana.

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The Bank of Ghana had informed Parliament that it would not make an appearance to discuss the revocation of the licenses of the two banks because Parliament was not clothed with the powers that would enable it to hear such a petition.

The Central Bank also noted that the accusation of human rights breaches that were leveled by the petitioners, Prince Kofi Amoabeng and Dr. Kwabena Duffour could not be adjudicated on by Parliament, since only the Judiciary is afforded such powers by the Constitution.

The Bank of Ghana noted that appearing before Parliament in the manner the petition sought would imply a breach of the Bank of Ghana Act, 2002 (Act 612) as amended by the Bank of Ghana (Amendment) Act, 2016 (Act 918), which demands that the Bank of Ghana be given autonomy in the discharge of its duties.

Speaking to Accra-based Citi News, the Chairman of the parliamentary bi-partisan committee investigating the matter noted that the response would be evaluated by the committee to inform the appropriate response.

“We received the Bank of Ghana’s response to the petition. We asked them to respond to the petition, and they have responded. The committee will put them together and consider them, and we will consider whether we need to do more and if yes, what are we going to do”, he told Citi News.

In the meantime, the central bank has urged the petitioners to use the appropriate channels when seeking redress.