The Bank of Ghana has told Parliament it will not comply with an investigation into the revocation of the licenses of UT Bank and UniBank.
In a response through its lawyers, Bentsi-Enchill Letsa and Ankomah, the central bank said that it, “will not participate in the investigation being conducted by Parliament, arguing the probe flies in the face of the Constitution.”
BoG lawyers also accused the owners of the banks, Prince Kofi Amoabeng and Dr. Kwabena Duffour, of seeking to use Parliament to review its decision over the revocation of their licenses.
BoG told Parliament that this move by the owners of the bank is an affront the autonomy and independence of the central bank even as captured under the Banks and Specialized 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,” wrote Ace Annan Ankomah, the attorney for the BoG.
BoG also argued that the two bank owners the banks in question have also invited Parliament to instruct the BoG on how to carry out its responsibilities contrary section 3 (2) and section 4 (1A) of the Bank of Ghana Act , 2002 (Act 613), per their petition.
The response comes after Mr. Kofi Amoaneng and Dr. Kwabena Duffour petitioned Parliament to probe the BoG and the Ghana Stock Exchange (GSE) over the revocation of their banking licenses.
Owners of UT Bank and Unibank have petitioned Parliament appealing for an investigation into the conduct of the Bank of Ghana (BoG) for the revocation of the licenses of the banks in 2018. They claim that the central bank revoked the licenses of the two banks without due regard to the rules of Administrative Justice guaranteed under Article 23 of the Constitution.
Mr. Kofi Amoaneng and Dr. Kwabena Duffour therefore, wanted Parliament to direct the restoration of the banking licenses and remedying of the harm done the shareholders’ property rights as a result of the conduct of the central bank, as well as give any other directive the House may deem appropriate.
While Mr. Amoabeng wanted Parliament to investigate the conduct of the Ghana Stock Exchange for delisting the bank without regard to the rules of Administrative Justice guaranteed under article 23 of the Constitution, Dr. Duffour in other hand wanted Parliament to investigate the conduct of the BoG in the takeover, appointment of an official administrator of uniBank Ghana Limited and the circumstances surrounding the revocation of the banking license of the bank.
