Finance minister hints of criminal prosecutions of directors of collapsed banks

Finance minister hints of criminal prosecutions of directors of collapsed banks

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

- He added that officials of the Bank of Ghana will also be prosecuted if they are found culpable of acts that led to the collapse of the banks

- He made the remarks during the presentation of the 2019 budget in parliament on Thursday, November 15, 2018

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.

A man wearing a suit

Dr. Ernest Addison, Governor of the Bank of Ghana Source: Supplied

READ ALSO: Full List: Bank of Ghana bans 125 Ghanaians from using current accounts

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.

READ ALSO: Akufo-Addo's 'noise' about corruption was just political talk - Former NPP minister

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