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Two former Chief Executives of banks whose licenses were questionably revoked by the Bank of Ghana have petitioned the Ghanaian Parliament to probe the Bank of Ghana (BoG) in its actions during the contentious banking sector clean-up between 2017 and 2019.
The two are Prince Kofi Amoabeng, the former CEO of the defunct UT Bank and Dr. Kwabena Duffour, the founder of the collapsed UniBank Ghana Limited.
The two want the Ghanaian parliament to restore their licences for the suspicious manner in which they were revoked. Already, UniBank is in court in a suit against the BoG, while Amoabeng has complained bitterly about how the central bank had chased away investors ready to pump in funds to allow the bank to meet up the GHC 400 million minimum capital investment set by the BoG. The central bank will later turn around to revoke UT Bank’s license for failing to meet the minimum capital requirement.
In the petition, the two CEO’s of the defunct banks wants the legislature to launch an investigation into the conduct of both the BoG and the Ghana Stock Exchange for the revocation of UT Bank’s licence and delisting the bank without due regard to the rules of Administrative Justice guaranteed under Article 23 of the 1992 Constitution.
UniBank on its part wants an investigation into the conduct of the central bank in the liquidation, appointment of an Official Administrator of UniBank Ghana Limited and the circumstances surrounding the revocation of the bank’s license.
The Bank of Ghana (BoG) in August 2018 revoked the licences of five banks and put them together as Consolidated Bank Ghana Limited. UniBank was one of those banks.
Earlier, the bank has liquidated UT Bank, allowing the Ghana Commercial Bank to take it over.
The central bank claimed UniBank and UT Bank significantly undercapitalised and beyond rehabilitation.