Oquaye summons Ofori-Atta over UT, Capital Bank collapse

The Speaker of Parliament, Prof Mike Oquaye, has ordered Finance Minister Ken Ofori-Atta to appear before the house on 13 March 2019 to respond to issues regarding the collapse of UT Bank and Capital Bank.

Mr Ofori-Atta was scheduled to be in parliament on Thursday, 7 March 2019, but could not make it due to an international engagement.

Deputy Majority Leader of Parliament, Sarah Adwoa Safo, explained to the house that the Finance Minister communicated his apologies to the house and proposed honouring the invitation on 13 March 2019.

Deputy Minority Leader, James Klutse Avedzi, told the house that the minister only appears in parliament to present budgets but always finds excuses to escape from answering questions posed by legislators on pertinent issues.

Prof Oquaye, therefore, ruled that: “The Honourable Minister of Finance himself should come and answer the questions in accordance with the date by his good self”.

The Bank of Ghana (BoG) withdrew the licences of Capital Bank and UT Bank for being illiquid and deficient in capital.

GCB Bank subsequently took over the two struggling banks.

The action was part of moves by the government through the central bank to restructure the banking sector.

Source: classfmonline.com