The Bank of Ghana has been urged to publish the assets and liabilities of the defunct UT and Capital Banks.
This, according to the Eastern Regional Youth Organiser of the National Democratic Congress (NDC) is a means of letting the public know the kind of assets and liabilities which the BoG is handing over to the GCB Bank which has taken over the two banks.
“The Bank of Ghana should come clear and let the citizenry know the assets and liabilities of UT Bank and Capital Bank, they should be very transparent on this…,” he said.
The Central Bank on Monday announced a surprised takeover of Capital Bank Limited and UT Bank by GCB bank, after it revoked their operational licenses as commercial banks.
The central bank attributed its actions to the severe impairment of capital of the two banks, adding that it approved a Purchase and Assumption (P&A) transaction to protect depositors’ funds and strengthen Ghana’s financial sector.
The Bank of Ghana (BoG) also cited that, the allowing the two banks to operate in Ghana’s financial sector poses huge threats to their customers and deposits. Dr Ernest Addison, the Governor of the BoG, at a press conference told the media that, UT Bank and Capital Bank were heavily deficient in capital and liquidity, therefore their continuous operation could jeopardize not only depositors’ funds but also the stability of the Ghana’s financial system.
Haruna Appau further argued for the prosecution of the managers of the bank as according to him ‘it would be out of place to allow this daylight mismanagement go unattended to.’
Their prosecution, Haruna Appau added would serve as a deterrence to all Bank Managers and also prevent people from ‘joking with the country’s financial system’
