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General News of Wednesday, 5 September 2018

Source: Myjoyonline.com

It's a cover-up! - NDC MP storms out of bank crisis probe

MP for Bolgatanga Central Isaac Adongo Monday 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.

He said the documents are insufficient in unravelling the circumstances leading to the collapse of the seven banks in 12 months.

The NDC MP was given 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.

But a disappointed Isaac Adongo said 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.

He said 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, 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 NDC MP who has been critical of government over the collapse of the mainly indigenous banks, said.

He wants the committee to 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", he fumed.

He said the committee needs to be more serious because government is sinking 8bn cedis to salvage the financial sector while some 6,000 jobs are expected to be lost.

The NDC MP said participating in the parliamentary probe will 'give credence' to the shoddy work that is underway.

"I don’t take part in rubber stamp meetings," he said.