Prince Kofi Amoabeng and Dr. Kwabena Duffuor, two businessmen who owned the impacted banks, petitioned the Speaker in March 2021 to form a seven-person committee to look into what caused the banks to fail.
The committee has yet to submit a report to Parliament with its findings, though.
Joseph Osei-Owusu is the chairman of the parliamentary committee's bipartisan inquiry into the situation.
Mr. Bagbin reprimanded the committee for failing to inform Parliament of its advancements.
"That is clearly stated in the standing instructions. If the topic is referred to you and you are unable to provide a report by the deadline, you must at the very least submit a report outlining your situation and explaining it to the House. They have defaulted on that one as well.
The Speaker also criticized the way the cleanup of the financial industry was done.
He thinks that the government ought to have encouraged Ghanaians to prosper.
"I believe that our government colleagues erred by failing to perceive it that way and instead ensured that the Ghanaians who were attempting to enter the sector lost out,"
"We ended up spending around GHS 25 billion, but we have not been able to sanitize the sector, instead of utilizing about GHS 5 billion to support the banks' survival."
Background
Prince Kofi Amoabeng and Dr. Kwabena Duffuor, two former stakeholders of the in question banks, petitioned Parliament to look into the actions taken by the Bank of Ghana and the Ghana Stock Exchange in revoking the licenses of UT Bank and uniBank and delisting them from the national stock exchange.
The petition also called for the licenses of these banks to be reinstated.
Alban Bagbin, the Speaker of Parliament, then appointed a nine-person committee to investigate the petition that was submitted to the House.
This came after Mahama Ayariga, a lawmaker from Bawku Central, presented the petition to him formally.
What caused the banks to fail?
During the banking sector clean-up, which started in 2017, Dr. Duffuor, the founder of the now-defunct uniBank, and Mr. Amoabeng, the former CEO of the failed UT bank, had the licenses of their respective financial organizations revoked.
The apex bank asserted that it initiated action against UT Bank since the company was insolvent and unable to recapitalize despite many pledges from its owners.
The apex bank stated that uniBank's license was revoked for the same grounds, namely that the financial institution was gravely undercapitalized.