Banking sector clean-up: We’re partnering state agencies to prosecute guilty officials - BoG

The Governor of the Bank of Ghana, Dr. Ernest Addison, has said his outfit has teamed up with state agencies to prosecute officials found guilty in the banking sector crisis.

According to him, the central bank has no control over the judicial processes adding that it is collaborating with the relevant stakeholders to ensure that justice is served.

“In terms of the processes, we wish that it could have been faster. But I think that we are working on it. We are supporting the Attorney-General’s Department with some materials to help them prosecute shareholders and directors that are culpable.’’ Dr. Addison said.

He made the comments when he appeared before the Public Accounts Committee of Parliament on Wednesday, June 24, 2020.

Background

Between 2017 and 2019, the Bank of Ghana conducted a financial sector cleanup which saw the licenses of some nine local commercial banks and over four hundred financial institutions revoked for flouting operations guidelines.

This affected about 4.6 million depositors whose monies could have been lost completely had the regulators not taken the action.

According to the Finance Minister, Ken Ofori-Atta, the clean-up cost the country US$4 billion, which is equivalent to about GH¢21 billion.