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 does not have prosecutorial powers to go after these person.
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 the 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.
The Governor of the Bank of Ghana, Dr Ernest Addison, earlier asked the judiciary to allocate special courts to specifically handle cases related to the recent banking crisis.
He acknowledged the crucial role of the judiciary to efficiently adjudicate financial sector cases.
The @UnivofGh and @thebankofghana have signed a partnership agreement for the establishment of the BoG Chair in Finance and Economics to help promote research that will influence policymaking in the country. (1/2)#IntegriProcedamus@ugbsofficial pic.twitter.com/DcRS1VzuJM
— University of Ghana (@UnivofGh) August 15, 2022
Also, 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 exercise, the Governor urged the Attorney General and EOCO to fast track the court processes.
Mr Dawson was speaking to journalists in Accra following following a statement by a former General Secretary of the New Patriotic Party (NPP) Kwabena Agyei Agyepong.
“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 the Governor Addison led management. Other past Governors were aware of the problem, but couldn’t reform the sector.
“Some of the banks had also breached several banking regulations. Indeed, the financial system at the time, was on the brink of total collapse.
“The measures taken by the BoG safeguarded the investments of 4.6 million depositors. There is confidence now in the sector. he said.
Source: 3news.com|Ghana