Banking sector crisis: Special Prosecutor probes banks collapse

The Office of the Special Prosecutor has launched a full-scale investigation into the banking and financial sector crisis, which led to the collapse of some banks and other financial institutions in the country.

Lawyer Kissi Agyebeng

The Special Prosecutor said the investigations target alleged corruption and corruption-related offences perpetrated by officials of the Bank of Ghana, banks, specialised deposit-taking institutions, and financial holding companies.

In a statement from the office on Tuesday, January 25, 2022, said "Any official found culpable and complicit would be arrested and prosecuted.

"The OSP invites members of the public who have knowledge of the commission of corruption or corruption-related offences to lodge complaints with the OSP against any official in this regard."

The statement assured that informers, whistleblowers, and witnesses will be protected.

The banking crisis in the country was a severe crisis between August 2017 and January 2020.

The Bank of Ghana revoked the licenses of some banks in its bid to clean up the sector.

The BoG cited various reasons including capital adequacy ratio crisis, poor corporate governance, overexposure to related parties among others.

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