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BoG has no prosecutorial powers to chase culprits

BoG has no prosecutorial powers to chase culprits
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A financial analyst, Michael Dawson has said that the Bank of Ghana (BoG) cannot be blamed for the inadequate prosecution of persons whose actions and inaction led to the banking failures.

He explained that the central bank lacks the prosecutorial authority to pursue these individuals.

In his view, the BoG has done its part by cleaning up the sector to ensure a robust banking and financial industry.
Prosecution of the culprits is now the duty of the state prosecutors, not the BoG, he said, adding that the Bank of Ghana is a regulator and not an investigative body.

He says that some of the cases have been sent to court, hence he expects the courts to expedite the processes to ensure that those found culpable are brought to book.

Dr Ernest Addison, Governor of the Bank of Ghana, had previously requested that special courts be established to handle cases relating to the recent banking crisis.

He acknowledged the crucial role of the judiciary in efficiently adjudicating financial sector cases.

Also read:    BoG to clean up non- compliant forex bureaus

In addition, at a recent event where the BoG donated funds to the Economic and Organised Crime Office (EOCO) to investigate cases related to the financial sector clean-up effort, the Governor urged the Attorney General and EOCO to expedite the court processes.

Mr Dawson was speaking to journalists in Accra after a statement by Kwabena Agyei Agyepong, former General Secretary of the New Patriotic Party (NPP).

“l will continue to say that the Bank of Ghana should be commended for their efforts in sanitising the banking sector.”
“It was a bold decision by Governor Addison-led management. Other past Governors were aware of the issue but were unable to reform the sector.”

“Some of the banks had also violated a number of banking regulations.” Indeed, the financial system was on the verge of total collapse at the time.”

“The BoG’s actions protected the investments of 4.6 million depositors and the sector is now more confident,” he stated.



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