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Retired BoG staff facing EOCO – Dr Addison
Dr Addison said that the Economic and Organised Crimes Office (EOCO) has invited some of these individuals and the findings will soon be released.
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“I’m sure EOCO will give us a report on their investigations which includes Bank of Ghana officials, some of whom are retired. I’m yet to find out if there are any staff who are working that have been invited by EOCO but I know that some of our retired staff are being interviewed by EOCO,” he stated at a recent press conference on Monday (September 24, 2018).
On August 1, 2018, the BoG merged 5 banks to start the Consolidated Bank Ghana Limited.
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These banks are uniBank, Sovereign Bank, The Royal Bank, The Beige Bank, and The Construction Bank.
Barely a year before the collapse of the 5 banks GCB Bank was given the permission to take over UT Bank and Capital Bank after they were found to be in dire straits.
In total, seven local banks have gone under, as the Bank of Ghana’s 31 December 2018 deadline for all universal banks to recapitalise from the GHS120 million to GHS400 million draws closer.
Subsequently, EOCO has started probing the directors and managers of these banks. This is because some of the heads of the institutions acted in ways that violated the rules and guidelines of the regulator.
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Dr Addison stated at a previous Monetary Policy Committee meeting that some shareholders and directors of the banks failed to observe good corporate governance that led to the collapse of those banks.
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