Finance Minister summoned over UT, Capital Bank collapse

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

The Finance Minister was scheduled to be in parliament on Thursday, March7, 2019 but could not make it due to an international engagement.

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

Mr James Klutse Avedzi, Deputy Minority Leader informed 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 Minister of Finance himself should come and answer the questions in accordance with the date by his good self.

The Bank of Ghana (BoG) revoked 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 streamline the banking sector.