Deputy Finance Minister, Dr. John Kumah has revealed that there it is not illegal to set up Development Bank of Ghana without an Act of Parliament.
Dr Kumah indicated that there are so many ways to set up a bank for Ghana.
Therefore, the government has chosen to use laws and other existing structures to set up the bank
According to him, Bank of Ghana (BOG) is a regulatory body and has the power to give license to operate without seeking approval from parliament.
Speaking to Omanhene Yaw Adu Boakye on Kessben Maakye and monitored by TVNEWSGH.COM, Dr. John Kumah who doubles as MP for Ejisu Constituency says it is not illegal or contrary to the laws about what is going on.
The Minority in parliament is questioning government’s decision to establish the Development Bank of Ghana without parliamentary approval.
According them, banks including the Agricultural Development Bank and other banks were established by an act of parliament and they therefore ask why Development Bank of Ghana has been approved without parliamentary approval.