Parliament meets BoG Governor today

The Finance Committee of Parliament has scheduled a meeting with the Bank of Ghana Governor, Dr. Ernest Addison, and his team on Tuesday, July 16, 2019.

This was contained in the ‘order paper’- a daily publication that lists the business of parliament. It indicates that the committee meeting is scheduled for 2pm tomorrow.

Issues that are expected to be discussed at the meeting range from the Economic and Financial Developments in the first half of 2019, to developments in the banking sector and other matters related to the Bank of Ghana’s mandate.

Ghana’s financial sector has witnessed major shakeups since assumption of office by the NPP government.

It will be recalled that in August 2018 the Bank of Ghana revoked the licences of five banks and created a bridge institution, christened Consolidated Bank Ghana Limited, to which all deposits of the defunct banks were transported.

The Banks are uniBank Ghana Limited, The Royal Bank Limited, Beige Bank Limited, Sovereign Bank Limited, and Construction Bank Limited.

These developments in the banking and landscape culminated in enactment of the Banks and Specialised Deposit-Taking Institutions Act, 2016.

The Act was meant to amend and consolidate the laws relating to deposit-taking; to regulate institutions which carry on deposit-taking business; and to provide for related matters.

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The central bank most recently revoked the licences of over 386 insolvent microfinance companies. The BoG noted that the said institutions posed major risks to the entire financial system.

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