Adongo storms out of bank saga probe

Mr Adongo

Mr Adongo

Isaac Adongo, the Member of Parliament (MP) for Bolgatanga Central walked out of an in-camera probe into the bank crisis, accusing the committee of a cover-up.

“Why will I sit in that meeting? I will not sit in that meeting”, he said after rejecting documents he was given at the hearing.

Mr Adongo indicated that the documents were insufficient in unraveling the circumstances leading to the collapse of the seven banks in 12 months.

He was given Bank of Ghana (BoG) press releases on the defunct banks, state of banking system report for March 2018, the central bank Governor’s speech and the Executive summary of a Boulder’s report into uniBank.

Disappointed, Mr Adongo pointed out that “the documents are a pale shadow of the information required to get a better understanding of the circumstances leading to the collapse of the seven banks.

“Auditing firm KPMG has done five asset quality reviews on uniBank alone, the reports of which have not been presented to the Finance committee, while the Executive Summary is 86 pages, and the entire report is over 250 pages.

“If I read the Boulder’s report, can’t I understand it? Why do you give me Executive Summary?” The committee should furnish members with the full Boulders report, the terms of reference given to KPMG and the central bank’s contract with Boulders Advisors.

“This is a rubber stamp process, it will deliver no value, I am not willing to be part of it, and the committee needs to be more serious because government is sinking GHc8billion to salvage the financial sector while some 6,000 jobs are expected to be lost.

“Participating in the parliamentary probe will give credence to the shoddy work that is underway and I don’t take part in rubber stamp meetings,” Mr Adongo, who has been critical of government over the collapse of the mainly indigenous banks, fumed.


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