Institute bi-partisan probe into the rise and fall of UT & Capital Banks

The Minority Members in Parliament is calling on the Akufo-Addo’s government to institute a bi-partisan probe into what occasioned the rise and fall of UT and Capital Banks.

Addressing Journalists during a press conference by Minority spokesperson on Finance, Cassiel Ato Forson said the investigation will boost Ghanaians’ confidence in the banking sector.

“We are urging the government to, as a matter of urgency, institute a bi-partisan probe into what occasioned the rise and fall of these two banks. We think that this situation needs to be investigated so that if it is true that actions or in actions by owners and managers of these banks actually resulted in the banks collapsing, I believe that the state will have to take action.

“We call for a bi-partisan probe and should be done immediately so that the people of this country will have some confidence in the banking sector to serve as a deterrent, going forward,” he said.

The minority further requested the Speaker of Parliament to invite the Minister of Finance and the Governor of the Bank of Ghana (BoG) to brief Parliament about this development.

‘We the Members of the Minority of this Parliament, as a matter of urgency, will be requesting through the Rt Honourable Speaker that the Minister of Finance and the Governor of the Bank of Ghana be invited to brief Parliament about this development and to give assurances that depositors will suffer no losses,” they said.

BoG on Monday revoked the license of the two banks due to severe impairment of their capital and as a result, approved a Purchase and Assumption transaction with GCB Bank Limited that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.

By: Ghana/Ultimatefmonline.com/106.9FM