Isaac Adongo, a member of parliament for Bolgatanga Central, has written to the governor of the Bank of Ghana via his attorneys requesting details on the funding source for Ghana Amalgamated Trust Plc (GAT), which offered liquidity support to some troubled banks.
The first request was turned down by the governor of the central bank, but the Bolga Central lawmaker’s attorneys claim that the BoG’s justification for turning it down was incorrect and without legal support.
“The rationale behind your decision to deny Our Clients’ request for the Bank of Ghana’s Assessment Report on the source of funding of Ghana Amalgamated Trust in the purchase of shares in the five local banks, namely Universal Merchant Bank, OmniBSIC Bank, National Investment Bank, Agricultural Development Bank, and Prudential Bank, is incorrect and devoid of any legal support. Your use of Section 13(1((b) of Act 989 to deny the aforementioned information is thus without a factual foundation.
Because it is prudent for Parliament and the people of Ghana to be aware of the factual basis for the recapitalization of the five banks, namely Universal Merchant Bank, OmniBSIC Bank, National Investment Bank, Agricultural Development Bank, and Prudential Bank, Our Client maintains that the information requested falls within the purview of Section 13(2)(a)(b) of Act 989.
However, if the BoG does not process the material within 14 days, the attorneys have threatened to file a lawsuit.
According to the Right to Information Act of 2019, we would appreciate receiving the requested information within 14 days after receiving this letter (Act 989). In the event that the Governor does not act appropriately to correct the violations and fulfill its legal obligations to the Parliament of Ghana before the conclusion of the third meeting of the second sitting of the eighth Parliament of Ghana, Our Client declares that he will not hesitate to take appropriate legal action to uphold his right.
The Ghanaian government created Ghana Amalgamated Trust Plc (GAT) as a special-purpose investment organization to assist a few local banks.
GAT Plc was established on December 17, 2018, under the Companies Act as a public limited liability company, to raise money for the recapitalization of a number of indigenous Ghanaian banks that required assistance to meet the Bank of Ghana’s new minimum capital requirements and to assist in the transformation of these banks to make them more competitive in the market.
Source: newsthemegh.com