The Member of Parliament of Bolgatanga Central, Mr Isaac Adongo has sued the government and the Ghana Amalgamated Trust (GAT) for using what he described as an illegal method to invest in five indigenous banks
In his suit, the Member of Parliament said the agreement that GAT has entered into with each of the banks contravened section 9(d) of the Banks and Specialised Deposit-Taking Institutions (BSDI) Act, 2016 (Act 930), which is the governing statute of the banking sector.
In a writ, a copy of which has been made available to Graphic Online, Mr Adongo is requesting the court to, therefore, declare the agreement as null and void.
He is also asking the court to declare that the purported approval of the request of the Minister of Finance for the issuance of a GH¢2 billion sovereign guarantee to support the borrowing of funds in the debt market by GAT to enable it
The Member of Parliament is, therefore calling for an injunction against GAT and the Ministry of Finance from executing the agreement.
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