Evidence needed to prosecute BoG officials involved in the collapse of local banks – Deputy A-G

Deputy Attorney General (A-G), Alfred Tuah-Yeboah, has clarified that the Attorney-General's Department requires concrete evidence before initiating legal action against Bank of Ghana (BoG) officials allegedly involved in the collapse of local banks in Ghana.

In a news report by 3news.com, Mr Tuah-Yeboah emphasised that the legal proceedings hinge largely on evidence gathered during state investigations.

He noted that, in the absence of such evidence the Attorney-General's Department cannot commence any legal proceedings against these officials.

“As I speak to you now there is no evidence to that effect. I’m not saying people may not be culpable but I am saying if we are able to get evidence that someone decided not to act or someone acted in a way that led to the loss to the state, we will prosecute,” he is quoted to have said.

The Bank of Ghana on August 14, 2017, issued a press release to announce the revocation of the licence of Capital Bank due to insolvency.

During the broader financial sector cleanup between 2017 and 2019, other banks, including UT Bank, Unibank, and Beige Bank, also had their licences revoked by the central bank.

William Ato Essien, the CEO of the defunct Capital Bank, received a cumulative 95-year jail sentence for various counts of theft and money laundering. These sentences will run concurrently, resulting in a 15-year prison term.

Despite reaching an agreement to refund GH¢ 90 million to the state, Ato Essien only managed to refund GH¢ 37 million as of October 12, 2023, when the presiding judge, Justice Kyei Baffour, announced his final judgement on the case.

Tuah-Yeboah added that the retrieval of GH¢37 million from the former CEO of Capital Bank, William Ato Essien, prior to his imprisonment, is a significant achievement.

He highlighted that in Ghana's history, recovering such a substantial sum from individuals facing trial for similar offences is unprecedented.

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