A former Finance Minister, Dr Kwabena Duffuor and the former CEO of UT Bank, Prince Kofi Amoabeng, have petitioned Parliament over the Bank of Ghana, BoG’s revocation of their banking license.
In a statement set for discussion in the House on Monday, March 22, the former Governor of the Central Bank petitioned the Legislature to investigate the conduct of BoG in the takeover.
Mr. Duffuor also wants an inquiry into the appointment of an Official Administrator of UNIBank Ghana Limited and circumstances surrounding the revocation of the bank’s license in 2018.
He is also asking Parliament to direct the restoration of the banking license of UNIBank Ghana Limited by BoG and remedying the harms done to the shareholders’ property rights as a result of the conduct of the central bank.
Dr Duffuor also wants Parliament to give any other directives it deems fit. The bank was put into administration by the Bank of Ghana in 2018 and then consolidated with four other defunct banks during Ghana’s banking crisis. At the time of its administration, the bank was led by his son Dr. Kwabena Duffuor.
Taking over the bank, BoG cited weak supervisory standards, weak operations and persistent liquidity shortfalls and breaches in its cash reserve requirements as reasons for taking over the bank.
For his part, the former UT Bank Boss, Prince Kofi Amoabeng petitioned the Legislature to conduct an investigation into the conduct of the Central Bank and Ghana Stock Exchange, GSE for the revocation of UT Bank’s license and delisting the bank without due regard to the rules of Administrative Justice guaranteed under Article 23 of the 1992 Constitution.
The disgruntled CEO also wants Parliament to direct the restoration of his bank’s license and the remedying of the harms done to the shareholder’s property right as a result of the conduct of BoG.
Mr. Amoabeng also wants Parliament to give other directives it deems fit.
He is accused by the state of mishandling depositors’ cash by engaging in fictitious and unlawful activities which led to the collapse of UT Bank in 2017.
The Central Bank revoked the license of UT Bank and approved a takeover of its assets and liabilities by state-owned GCB Bank.
Since then, Prince Kofi Amoabeng has been the subject of police investigations.
Meanwhile, Majority Leader, Osei Kyei Mensah-Bonsu says the two matters are before court and they have been directed to amicably resolve the matter with BoG.