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FIC should’ve probed banking crisis, not ‘political’ EOCO – Franklin Cudjoe

Executive Director of IMANI Africa, Franklin Cudjoe, believes the Financial Intelligence Centre (FIC), would have investigated the banking crisis much better than the Economic and Organized Crime Office (EOCO).

Two banks, Capital and UT Banks, collapsed a little over a year ago when the Central Bank announced that they had become “deeply insolvent,” after they had liquidity support of over GHc1 billion.

EOCO subsequently took over the investigations into the collapse of the two banks.

Speaking on Citi FM/ Citi TV’s News Analysis Programme, The Big Issue, Mr. Cudjoe said he doubted EOCO’s investigations into the crisis will be independent enough to lead to reforms. “Some of us do not have faith in EOCO’s work because we know EOCO is always a very political animal. Some people have suggested that the FIC could have been roped into this investigation as well because that is what they do anyway.”

Five other banks have also subsequently collapsed with the Bank of Ghana giving varied reasons why they collapsed.

The central bank merged the five banks into one, and named it the Consolidated Bank Ghana.

Some Ghanaians have however called for the prosecution of persons whose actions led to the collapse of the banks since bonds were subsequently issued at the expense of taxpayers to defray the debt left behind.

EOCO is yet to release its report on the collapse of the two banks last year.

Source: citinewsroom.com

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