The Attorney General and Minister for Justice, Godfred Yeboah Dame, has indicated that the docket for the prosecution of Menzgold Ghana Limited CEO Nana Appiah Mensah, also known as NAM 1, is nearly complete.
Speaking on the Financial Sector Crisis in Ghana at Cambridge University, the Attorney General bemoaned how badly the banking sector crisis and the operations of Ponzi schemes have harmed Ghana’s economy.
“Between August 2017 and January 2020, Ghana was hit by a severe banking crisis that affected several institutions and several indigenous banks, prompting the central bank to order the Ghana Commercial Bank to take over some of the banks.” The Central Bank cited the banks’ insolvency as a major reason for revoking their license.”
“The Consolidated Bank Ghana Limited was formed by the consolidation of five indigenous banks.”
“A closer look at the banking crisis revealed that poor corporate governance, non-performing loans, breaches of directors’ obligations, credit risks, and regulatory lapses were to blame for the banks’ vulnerabilities.”
“Internal auditors, who were supposed to oversee proper accounting practices, were complacent and covered up Executive Directors.”
“The recent banking crisis had far-reaching consequences for the entire economy. It was Ghana’s most severe economic crisis since independence.”
Also read: EOCO Boss: No laws exist to charge NAM 1
He stated that in order to prevent a repeat of the banking sector crisis, 20 individuals and companies have been charged with stealing, fraudulent breach of trust, money laundering, and wilfully causing financial loss to the state.
In an update on the Menzgold case, the Attorney General stated that “painstaking investigations have resulted in dockets of the financial crime being almost ready for the prosecution to begin in earnest.”
“The Attorney General’s Office is also prosecuting other cases, such as stealing, wilfully causing financial loss to the state, and money laundering,” he added.
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