The Industrial and Commercial Workers Union (ICU) says the collapse of UT and Capital banks should serve as wake-up call for Ghanaian shareholders to probe the health of institutions when they attend annual general meetings.
The Union also expects the Bank of Ghana to strengthen its supervision to protect the banking and investing public from stress and panic.
General Secretary of ICU, Solomon Kotei, spoke to TV3’s Kofi Adu Domfeh in Kumasi Wednesday on the takeover of the UT and Capital banks by the GCB bank due to the revocation of their licences Monday by the Bank of Ghana following their insolvency.
“When we attend our annual general meetings we should be more probing into the survival of the business,” he told TV3.
He was not happy the banks have since Monday been tightlipped over the matter which has caused some public uproar.
“We think in the coming days the bank will now get to a point where they will do the citizenry a lot of favour by telling us that there are some indicators when you see around your bank, it should tell you that the bank is really vulnerable,” he said.
He added: “some assurances need to be brought on board”
Mr Kotei wondered whether poor performance of the two banks was discovered just last week or month, noting that “If they [Bank of Ghana] were doing their banking supervisions well the signs should be there for those of us who are clients to the bank to know.
He advised BoG supervisors to seek explanation from managers when they see signs that the business is not performing as expected in order to avoid the situation of the two banks, saying “when they [Bank of Ghana supervisors] see the signs they should have a forum to address these concerns”