Collapsed banks: Some BoG officials will soon be in hot waters - Finance minister

The minister of Finance, Ken Ofori-Atta, has hinted of prosecution of the directors of some collapsed banks in Ghana.

According to a report by MyNewsGH.com, he added that some officials of the Bank of Ghana found culpable will also be dealt with according to the law. Presenting the 2019 budget statement in parliament on Thursday, November 15, 2018, he added that the Attorney-General will soon initiate the process.

Ofori-Atta also enumerated the government’s financial interventions in the clean-up exercise.

He added that this has helped to help mitigate the socio-economic impacts arising out of the closure of the failed financial institutions.

He however hinted that the receivers are working round the clock to have directors of the collapsed banks dealt with through civil suits in order to recover some of the locked funds.

In 2017, GCB Bank Limited took over the operations of Capital Bank and UT Bank, because they were insolvent.

In August 2018, 5 banks were also merged to form the Consolidated Bank of Ghana, because of their inability to meet the new capital requirements for banks in Ghana.