Prime News Ghana

COLLAPSED BANKS PROBE: Isaac Adongo walks out of "rubber stamp" committee sitting

By Clement Edward Kumsah

Member of Parliament for Bolgatanga Central, Isaac Adongo, walked out of Parliament during the sitting of the Select Committee on Finance's probe into the collapse of some seven local banks in the country.

Parliament began an in-camera hearing on the banking crisis that has hit Ghana's banking sector recently on Wednesday, September 5, 2018.

The 25-member Finance Committee is expected to focus on the role the Bank of Ghana (BoG) played in the collapse of the banks and determine the extent of culpability of central bank officials.

But the NDC MP, Isaac Adongo, a member of the Finance Committee of Parliament decided to walk out of the first meeting.

According to him, the parliamentary probe is “a rubber stamp process, it will deliver no value [and] I am not willing to be part of it”.

Mr. Adongo pointed out that the documents that the committee members were given were statements from the banking sector and press releases by the BoG and that documents from the audit firm, KPMG, only contain conditions and opinions on uniBank.

“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”, he added.

He further revealed that the committee members do not know the terms of reference of the job that KPMG did, and “we don’t even know the full report of Boulders [Advisors], except an executive summary of Boulders’ work”.

Mr. Adongo added that the committee has not been provided with all the relevant documents and other materials to constitute an independent and credible work, hence, his decision not to “take part in rubber stamp meetings”.

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