BoG sets up special office to probe personnel of 7 collapsed Banks

The Bank of Ghana (BoG) has set up a special office to identify officials whose actions contributed to the collapse of seven indigenous banks.

The central bank says personnel found culpable will be dealt with in accordance with its Human Resource policies and further face the full rigours of the law.

The bank in a statement released on Wednesday said it is undertaking reforms that will overhaul its Supervisory Unit and strengthen the banking sector.

According to the statement, the newly established Office of Ethics and Internal Investigations is also aimed at strengthening good governance within the Bank and promote the highest standards of ethical conduct commensurate with its mandate.

Details of statement

The central bank revealed in the statement that it commissioned in August 2017, an independent investigation into the circumstances that led to the collapse of UT Bank and Capital Bank.

The investigation, according to the regulator of the banking sector, was conducted by Boulders Advisors Limited whose report cited various instances of supervisory weaknesses, regulatory breaches, corporate governance failures, insider dealings, and accounting and financial improprieties, among others.

The Bank of Ghana said it has commissioned similar investigations into the affairs of the five failed banks whose licences were recently revoked.|Ghana

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