BoG declines invitation to help Parliamentary investigation into revocation of banking licenses

The Bank of Ghana has declined an invitation to appear before Parliament to assist it with investigations over the revocation of the banking licenses of Unibank and UT Bank.

Writing through its lawyers, Bentsi-Enchill Letsa and Ankomah, the central bank explained that the petitioners, Prince Kofi Amoabeng and Dr Kwabena Duffour, the owners of the two banks, seek to procure Parliament to review decisions that it has taken.

The BoG further explained that this decision was taken according to its statutory powers under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

“The BSDTI Act provides how persons who are aggrieved with such decisions may seek redress for their grievances, and the prescribed resolution mechanisms do not include recourse to Parliament.”

The central bank says the two bank owners, through petitioning Speaker Alban Bagbin, have invited the legislature to issue instructions to it in the performance of its constitutionally mandated duty of promoting economic development and the efficient operation of a banking and credit system in the country.