A Member of the Finance Committee of Parliament Hon. Isaac Adongo has served notice of an impending legal action against the Bank of Ghana (BoG) over the regulator’s failure to comply with its statutory reporting requirements to parliament.
According to the Bolgatanga Central Member of Parliament (MP), section 53 of the Bank of Ghana Act requires the BoG to submit a report to Parliament once every six months on all foreign exchange received and payment and transfers made outside Ghana.
He said that the Bank of Ghana, however, has either failed and or neglected to comply with this statutory reporting requirement and is therefore in clear breach of the Bank of Ghana Act.
In a letter signed by his lawyer Dr. Dominic Akuritinga Ayine to the Attorney General and copied the Bank of Ghana governor, Isaac Adongo said he intends to proceed to court to compel the Bank of Ghana to comply with the law within one month.
The MP’s view was that the BoG is acting in bad fate by using its laws to clean up the banking sector by closing down financial institutions particularly the Specialized Deposit-Taking Institutions but failed to comply with a law that compels it to report to parliament every six months.