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Minority chases Finance Minister & BoG governor over liquidation of Capital and UT Banks

Written by  Mar 07, 2018
The Minority in Parliament has called on the Finance Minister, Ken Ofori-Atta and the Governor of the Bank of Ghana, Dr. Ernest Kwamina Yedu Addison, to provide details of the true burden of cost of liquidation of Capital and UT Banks. The caucus at a press conference today [Wednesday], also called government to assure Ghanaians that the end-2016 budget deficit has been adjusted as well as clarification on the consistent application of the rule on calculating commitments at the end of 2017. They are also alleging that the tax payer will bear the cost of liquidation due to the way and manner the process was carried out. According to the Minority, this will be done through the issuance of a GH₵1.6 billion bonds and therefore, want the Finance Minister and the Governor of the central bank to speak to the issue. “We urge you, Hon. Minister and Governor, to respond immediately and explain the entire circumstances of the liquidation to Ghanaians, who will be forced to bear the brunt of the liquidation. This is contrary to the perception that the GCB Bank will absorb the loss as well as the policy prescription in the advanced countries where the burden of these costs are now to be put on shareholders and investors”, a letter dated March 5, 2018, and signed by the Minority Leader, Haruna Iddrisu, and the Ranking Member on the Finance Committee, Cassiel Ato Forson, in part read. “We note that it is over two months since the 2018 Budget was read. We also observe that the Minister did not pronounce on the implications of the rule change and he has not done so to date. The Governor has also not pronounced on the matter in presenting MPC reports to Ghanaians. We wish to make a formal request on the matter to the Hon. Minister and the Governor, to appraise the Minority of the full implications of the rule change”, the letter in part further read. They have also asked the Finance Minister and the Governor of the Bank of Ghana to make public the outcome of the audit done on the end-2016 budget deficit which in their opinion, has been adjusted.
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