Christian Council wants directors of collapsed banks prosecuted

• Posted on August 9, 2018
• by Ellsamwise King
• Comment

The Christian Council of Ghana has called for the arrest and prosecution of all those involved in the recent banking scandal.

It said those directors of the banks and officials of the Bank of Ghana (BoG) found culpable must be made to cough up the money and arraigned before the law courts.

The General Secretary of the Council, Rev. Dr. Cyril Fayorsey said this at the opening of the 2018 Synod of the Global Evangelical Church in Accra.

He commended the Governor of the Bank of Ghana for the bold decision to stop the rot that could jeopardise the entire economy.

He was worried that some people could waste national resources when it could be used to bring relief to the poor and develop the country.

The BoG last Wednesday merged five banks into the Consolidated Bank of Ghana Limited.

The entities — the uniBank, the Royal Bank, the Sovereign Bank, the Construction Bank and the BEIGE Bank — were found to have committed various regulatory and financial breaches that made them insolvent and unfit to continue operations.

The BoG in August 2017 also revoked the licences of UT and Capital banks, with the two banks subsequently taken over by GCB Bank.

The liabilities of the two banks, according to the central bank, overwhelmed their assets, leaving the BoG with no other option than to undertake a purchase and assumption transaction as the least costly method of dealing with a collapse.

Meanwhile, the BoG has given a strong assurance that it will not shield any director or manager who played a role in the collapse of the defunct banks.