The Bank of Ghana must, as a matter of urgency, institute objective investigations into circumstances that led to the closure of the UT and Capital banks, Dr Ahmed Jinapor, a senior lecturer at the University of Education Winneba (UEW), has said.

According to him, the findings of such an investigation will measure the activities of other banks in the country in order to protect the integrity of the banking sector.

The Bank of Ghana announced that GCB Bank has taken over UT Bank Ltd and Capital Bank Ltd as the two banks were struggling to operate financially.

A statement issued by the Central Bank said: “The Bank of Ghana has approved a Purchase and Assumption transaction with GCB Bank Limited that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd. The Bank of Ghana has revoked the licenses of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to severe impalement of their capital. The remaining assets and liabilities will be realised and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers.”


Following that, the Minority Members in Parliament called for a bi-partisan investigation to be conducted into circumstances that led to the collapse of the two banks.

Minority Spokesperson on Finance, Cassiel Ato Forson, said government needs to probe this matter in order to give Ghanaians assurances that their deposits are safe.

But speaking on TV3’s New Day programme on Saturday, Dr Jinapor said: “My only worry is that most times these things take a political turn which doesn’t auger well for our country.

“Like it or hate it, UT Bank is a private institution, Capital Bank is a private institution, but the actions and inaction of these private institutions have an effect on the economy and it also has an effect on the banking sector, so I think at the end of the day, it is important for us to have an objective investigations so that this thing is prevented in future.”