Adongo to sue BoG over breach of Bank of Ghana Act

Wed, 18 Sep 2019 Source: Kasapa FM

A Member of the Finance Committee of Parliament, and MP for Bolga Central Isaac Adongo has served notice of his decision to sue the Bank of Ghana(BoG) over an alleged breach of the Bank of Ghana Act.

A letter addressed to the Attorney General(AG) and a copy sighted by Kasapafmonline.com, issued on behalf of Mr. Adongo by his Lawyers said while the Bank of Ghana has been busy taking legal actions against local banks for non-compliance with the law, it has itself fallen foul of its obligations under the Bank of Ghana Act.

In terms of section 53 of the Bank of Ghana Act, the Bank of Ghana is required to submit a report to Parliament, once every six months, (a) on all foreign exchange receipts and Payments and transfers in and outside Ghana and (b) the conduct of activities in the exercise of its mandate under section 4 of the Bank of Ghana Act and (c) any other relevant functions being performed by the Bank of Ghana under various enactments.

But as cited in Mr. Adongo’s letter “the Bank of Ghana 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.”

He’s therefore served notice through his Lawyers that he’ll proceed to court to compel the Bank of Ghana to comply with the law within one month of receipt of his letter to the AG.

Source: Kasapa FM

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