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‘We’ll oppose the decision to establish Development Bank of Ghana’ – Haruna Iddrisu

Fri, 3 Sep 2021 Source: www.ghanaweb.com

Haruna Iddrisu has warned that minority will oppose the decision to set up Development Bank of Ghana

• He said, like any public bank, Development Bank of Ghana needs an Act of Parliament

• He said, the minority will not support public resources dedicated to the bank without legislation


Haruna Iddrisu, the Minority Leader, has warned the government that the minority will oppose any attempt to establish a Development Bank of Ghana without an Act of Parliament.

Speaking to the media on Thursday, September 2, 2021, the Tamale South MP cited the Agricultural Development Bank which was established in 1965 and said it was set up by an Act of Parliament.

He said, due to the challenges within the banking sector, the government will need Parliament to regulate the objective of the bank and its functions among others to ensure it does not engage in fiscally irresponsible acts.

“So it is the kind of defeatist for me, for the Ministry of Finance to want to establish this bank without recourse to Parliament. But, will they come for Parliament to provide funding for it? What will be the basis for parliament approving money for such a bank? Already it means the GHC300 million allocation is clearly illegal,” Iddrisu explained.

He added, “we will not accept any public resources dedicated to that bank until it is supported by legislation. We in the minority are opposed to even the concept of a new national development bank.”

Haruna Iddrisu made these remarks after it was made known that the government has decided it will not seek parliamentary approval and for that matter an Act of Parliament in setting up of the Development Bank of Ghana.

The government stated that it will use the Registrar General’s Department for the necessary approval.

This, the minority believes that there needs to be parliamentary legislation in place before the bank is set up as pertains to other development banks in the country.

Iddrisu further questioned the ongoing recruitment process to fill key positions at the bank stating that it has been shrouded in secrecy.

“You hear them saying that the determination of a board and the determination of a CEO was competitive, show me an advert inviting interested Ghanaian’s applicants of repute with enormous financial experience to lead this process, that has not happened,” he stressed.

Source: www.ghanaweb.com