Speaker of Parliament, Alban Bagbin has recommended the creation of a seven-member committee to investigate the Bank of Ghana (BoG) and the Ghana Stock Exchange (GSE) over the revocation of licenses of UT Bank and UniBank.

This follows petitions by two citizens, Mr Prince Kofi Amoaneng and Dr Kwabena Duffour presented on their behalf by Member of Parliament (MP) for Bawku Central, Mr Mahama Ayariga requesting Parliament to investigate the conduct of BoG and the GSE for the withdrawal of their banking licenses.

Both Mr Kofi Amoabeng and Dr Kwabena Duffour were former majority shareholders of the defunct UT Bank and UniBank. Mr Kofi Amoabeng in his petition requested the House to investigate the conduct of the BoG and the GSE for the revocation of UT Bank’s license and delisting the bank without due regard to the rules of Administrative Justice guaranteed under article 23 of the 1992 Constitution.

The petitioner also asked Parliament to order the restoration of the banking license of UT Bank Limited by the BoG and the remedying of the harms done to the shareholders’ property rights as a result of the conduct of the BoG.

In the case of Dr Kwabena Duffuor, he requested Parliament to investigate the conduct of the BoG in the takeover, the appointment of an Official Administrator of UniBank Ghana Limited and the circumstances surrounding the revocation of the banking license of UniBank Ghana Limited.

He also entreated Parliament to direct the reinstatement of the banking license of UniBank Ghana Limited and resolve the harms done the shareholders’ property rights as a result of the conduct of the BoG.

The two petitioners also prayed Parliament to give any other directives that it may deem appropriate. The Majority leader, Mr Osei Kyei-Mensah-Bonsu, however, raised objections to the admissibility of the petition but the Speaker, Alban Bagbin went on to admit the petitions by saying he was properly clothed by law and the Standing Orders of the House to act on it.

Besides, the leadership of both the Majority and Minority side have been given up to March 31, 2021, to present names of MPs to be part of the committee.