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Parliament To Investigate Collapse Of Seven Banks

The Finance Committee of Parliament will sit from 5-7 September 2018 to investigate circumstances that led to the collapse of seven indigenous bank which cost the nation over GH¢8 billion.



The committee would invite officials of the Ministry of Finance, Bank of Ghana (BoG), together with audit firms such as KPMG and PriceWaterHouse Coopers, to help it to professionally analyze the situation and proffer ways to avoid such situations in the future.

The committee would also summon shareholders and directors of the distressed banks to explain their various roles in the collapse of UT Bank, Capital Bank, Unibank, Beige Bank, Construction Bank, Royal Bank and Sovereign Bank.

These were made known by the Chairman of the Committee, Dr Mark Assibey-Yeboah, at an emergency meeting of the committee, yesterday in Parliament over the disturbing development in the financial sector.

After the meeting, the chairman told journalists that Parliament would use three weeks to get all the documents on the collapse.

He said the committee has written to the Bank of Ghana to provide it with all the necessary documentations

Ranking member of the Finance Committee, Cassiel Ato Forson, said all the committee members are very concerned about the situation and that they would do professional work to meet the expectations of Ghanaians.

“We are determined to work as professionals in the best interest of the country devoid of politics,” he said, stressing that there should be a way forward to improve the financial sector.

A member of the Finance Committee, Daniel Okyem Aboagye, who is the MP for Bantama, said Ghanaians should stop blaming BoG officials and owners of the banks for the mess in the financial industry, stressing that workers and customers of the bank must also be blamed for the mess.



Source:Dailyguideafrica.com

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