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General News of Tuesday, 11 August 2020

Source: Daily Mail

Minority demands audit into payment for customers of collapsed Banks

The minority in Parliament is demanding an audit into claims by the President that about 96 percent of depositors of the collapsed banks and microfinance institutions have been paid.

The demand follows an announcement by President Akufo-Addo and other appointees of the government that over 96% of depositors of the collapsed banks have had their locked up funds paid.

Addressing the media in parliament, Minority Leader Haruna Iddrisu cast doubts on the claims by the government.

According to him, continuous complaints from customers do not support the assertion by government that 96 per cent of customers have had their locked up investments paid.

Minority Spokesperson on Finance Cassiel Ato Forson argued the amount of money spent by government with the approval from parliament is just around 11 billion cedis far less than the 23 billion stated by the Finance Minister as the total cost of the clean up exercise and thus cannot constitute 96% payments.

The Tamale South MP further demanded an inventory report required by law to be made available to the Central Bank by receivers of collapsed financial institutions be made available to Parliament for scrutiny.

According to him, receivers are entitled to 5% of assets recovered and thus failure to make public the inventory only means the receivers are benefiting way above what’s stipulated by the Act.

Mr Iddrisu stated that the opaque manner in which the banking clean up exercise has been handled leave very little to be desired.

But MP for Asikuma Odoben Brakwa and a majority member of the finance committee Anthony Effah refuted the claims of the minority arguing every information required will be provided by the central bank in accordance with the Act.

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