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General News of Wednesday, 5 September 2018

Source: 3news.com

Isaac Adongo walks out of 'rubber stamp' enquiry into collapse banks

The Member of Parliament for Bolgatanga Central, Isaac Adongo has stormed out of an ongoing probe into circumstances leading to the collapse of seven banks in Ghana.

The MP who is on the Parliamentary Committee on Finance told journalists he would not be part of any omission or commission that sought to cover up certain personalities in the crisis that has hit the banking sector.

There are concerns more banks, especially indigenous ones, are likely to collapse as their woes are being compounded by the Bank of Ghana’s decision to peg its minimum capital requirement for all commercial banks at 400 million cedis.

“I just walked. Listen, this is a rubber stamp process, they will deliver no value and I am not willing to be part of it,” Mr. Adongo told the media immediately he stepped out of the meeting room on Wednesday.

The Finance Committee’s sitting began on September 5, 2018.

The in camera meeting has been criticised by many who suspect a move by Parliament to cover up the rot in the banking sector.

More to follow