
Audio By Carbonatix
Chairman of Parliament’s Public Accounts Committee (PAC), Kwaku Agyeman Manu, has cautioned Governor of the Bank of Ghana (BoG), Henry Kofi Wampah over his continuous boycott of the committee's sittings.The PAC Chairman announced during sitting on Friday that the Governor was pushing the Committee to go against certain conventions it has adopted over the years.The Committee wants the Governor to answer questions regarding inconsistencies in a loan agreement between the central bank and Ghana Commercial Bank (GCB) which was revealed in the Auditor General’s 2011 report.The Auditor General's report noted authorities at the country's central bank were operating against its own governing Acts and Regulations relating to contracts it signed with Ghana Commercial Bank.Joy News' Parliamentary Correspondent, Elton John Brobbey, said the Auditor General's report indicated that on February 19, 2009 the Bank of Ghana under a Memorandum of Understanding(MoU)granted a $25 million and $50 million loan facility to Ghana Commercial Bank.According to the MoU, the loan facility was to expire six weeks from February 1,2009, however, as at December 31 2010, an outstanding balance of the cedi equivalent of $50 million remained unsettled.The Auditor General's report also noted that BoG did not established a new agreement or an addendum with GCB extending the terms and conditions contained in the MoU which had expired 2009, says Elton John Brobbey.According to Public Accounts Committee, the absence of a valid loan agreement and contract to govern the facilities would impede the efficient and effective management of the loan portfolio which the central bank granted GCB.Additionally the tenure of some of the facility had not been clearly stated with GCB, the Committee noted.PAC believes due to these irregularities in the BoG-GCB agreement, the central bank's recovery of the loan may not occur in time and in manner that will benefit BoG.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
MTN Ghana hails Black Stars’ Panama triumph, rallies support ahead of England clash
42 seconds -
Latif Iddrisu case resumes as court rejects further adjournment for settlement talks
14 minutes -
Twins marry twins in joyous Nigerian joint wedding
1 hour -
Start him or drop Him: The Jordan Ayew dilemma Queiroz cannot avoid
1 hour -
Forms Capital Limited partners with Hack54 to advance digital finance innovation and youth empowerment
2 hours -
UBA Ghana launches World Cup & Summer Travel campaign with exclusive 15% discounts on Brussels Airlines
2 hours -
Adwoa Safo was target of assassination plot – Family Spokesperson alleges
2 hours -
NADMO appeals to Ibrahim Mahama to dredge rivers as flooding worsens in Samreboi
2 hours -
Speed up work – Contractors on Takoradi-Cape Coast highway dualisation told
2 hours -
BOST Energies refutes claims of fuel contamination at Kumasi Depot
2 hours -
NPP cautions constituency executive aspirants against cash payments as nominations open
2 hours -
Ghana can surpass $15bn in export earnings by 2030 – FAGE president
3 hours -
BoG demystifies central bank operations, exchange rates and reserves
3 hours -
NPP must engage Kennedy Agyapong through dialogue, says Kwadwo Poku Nsafoah
3 hours -
CARE Ghana calls for Ghana Card to become sole ID for voting
3 hours