Bank founders Prince Kofi Amoabeng and Dr Kwabena Duffuor have petitioned Parliament to investigate the Bank of Ghana and Ghana Stock Exchange in connection with the revocation of the licences of their respective banks, UT Bank and uniBank.

The two lost their banks in the government’s financial sector clean-up exercise that took place in President Nana Akufo-Addo’s first term of office.

The regulator said both banks were insolvent and heavily undercapitalized.

Below are excerpts of Mr Amoabeng’s petition to Parliament:

§ Investigates the conduct of the Bank of Ghana and the Ghana Stock Exchange for the revocation of UT Bank’s license and delisting the bank without due regard to the rules of Administrative Justice guaranteed under article 23 of the 1992 Constitution.

§ Directs the restoration of the banking license of UT Bank Limited by the Bank of Ghana and the remedying of the harms done to the shareholders’ property rights as a result of the conduct of the Bank of Ghana.

§ Gives any other directives that Parliament may deem appropriate.

Also, read below, Dr Duffuor’s petition to Parliament:

§ Investigates the conduct of the Bank of Ghana in the takeover, the appointment of an Official Administrator of uniBank Ghana Limited, and the circumstances of the revocation of the banking license of uniBank Ghana Limited;

§ Directs the restoration of the banking license of uniBank Ghana Limited by the Bank of Ghana and the remedying of the harms done to the shareholders’ property rights as a result of the conduct of the Bank of Ghana.

§ Gives any other directives that Parliament may deem appropriate.

The petition is to officially be presented before Parliament on Tuesday, March 23, 2021, for the appropriate directives to be issued by the Speaker of Parliament.