Receivers for collapsed banks have recovered less than 10% of locked GHC16.6 billion

The governor of the Bank of Ghana (BoG) Dr Ernest Addison has revealed that receivers of the nine collapsed banks have retrieved less than 10% over two years after the process started.

Dr Ernest Addison, Bank of Ghana Governor

The receivers have been chasing customers, directors, and shareholders for more than GHC16.6billion in locked up loans.

Dr Addison said they have retrieved about GHC1.2 billion which is 7.2% of the total loan outstanding commitment.

“As we speak today, total loans taken over by the Receivers amounted to GH¢16.56 billion, while total proceeds realized up to date are above GH¢1.2 billion. These proceeds were realized through loan repayments by customers, investments recovered, proceeds from the sale of vehicles, and other income traced and recovered.”

Dr Addison said the numerous legal actions against the receivers and BoG for revoking their licences can partly be blamed for the slow recovery rates.

“To some extent, the recovery efforts have been hampered by frivolous legal challenges mounted by some complicit persons intending to frustrate the receivers. These schemes ought not to be countenanced by the courts, as they do not inure to the benefit of the real victims of these multiple failures, the taxpayers that have had to pay for the cost of these failures, and must not be left holding the raw end of the stick in the circumstances.”

“We will continue to urge the law enforcement agencies and criminal investigative authorities to expedite their investigations into several suspicious transactions brought to their attention by the Receivers to facilitate prosecutions that may be necessary to ensure that justice is served,” he added.

His comment is coming after the founders of defunct UT Bank and Beige Bank were arrested and put before court for their role in the revocation of licences of the two banks.

Founder of UT Bank, Prince Kofi Amoabeng and Mike Nyinaku, founder of Beige Bank, were both charged with various counts of stealing as well as money laundering.

They have both been released on bail under various conditions although hearing of their cases has been scheduled for subsequent days.


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