Isaac Adongo Angrily Pulls Out Of Parliamentary Committee Probing Collapse Of 7 Banks

The Member of Parliament for Bolgatanga Central, Isaac Adongo on Wednesday morning  pulled out of a meeting in Parliament probing the circumstances surrounding the collapse of seven indigenous banks in Ghana.

Mr Adongo who is on Parliament’s Finance Committee told Power 97.9 FM’s reporter, Princess Arita Anim the executive summary report which was handed to the members by KPMG was not detailed to enable them ask officials of the Bank of Ghana (BoG) the right questions regarding the collapse of the banks, that has led to more than two thousand people losing their jobs.

The MP alleged that the BoG did not give the detailed acount of what led to the collapse of the banks for an effective probe by the committee. It is not clear what transpired in the in camera meeting before he stormed out, but he said would not be part of a probe which ” will deliver no value”, adding that the document given to the committee for probing were just statements from the banking sector and press releases by the Bank of Ghana which is not enough.

“There were five asset quality reviews at uniBank, there were four of them in one month; we don’t even have the report. They claim that there was a preliminary work done by KPMG to take a decision to go into it [but] we don’t have that report. We don’t even know the terms of reference of the job that KPMG did. We don’t even know what contract we signed with Boulders. We don’t even know the full report of Boulders except for an executive summary of boulders work”.

Asked the reaction of his other colleagues in the Minority who are on the committee, Mr Adongo said he did not care if they would want to be on the committee to help the BoG “cover up” the mess of the defunct banks.

“…This is a rubber stamp process, they will deliver no value and I am not willing to be part of it,” fumed Mr Adongo.

Officials of the Finance Ministry and the Bank of Ghana (BoG) are expected to be interrogated by Committee about the roles they played  prior to the collapse of the seven (7) local banks – Capital and UT – which collapsed in 2017 and the Sovereign, Royal, Beige, Construction and uniBank which collapsed in August 2018.

The Committee’s enquiry began on September 5, 2018.



Story by: Henryson Okrah/