According to financial expert Michael Dawson, the Bank of Ghana has contributed to the prosecutions in the banking industry clean-up.
He claims that as the regulator for the banking industry is not an institution that conducts investigations or brings cases against wrongdoers, it cannot be held accountable for the delay in prosecutions.
“For example, the BoG lacks the authority to hear the cases of directors who may have contributed to the banks’ demise.
Although the majority of these cases are currently in court, it is now their duty to speed up the procedures to make sure that those found guilty are prosecuted.
“Sometime back, Governor of the Bank of Ghana, Dr. Ernest Addison, urged the judiciary to allocate special courts to specifically handle cases related to the recent banking crisis. The Governor has also acknowledged the crucial role of the judiciary in efficiently adjudicating financial sector cases.”
“l will continue to say that the Bank of Ghana should be commended for their efforts in sanitizing the banking sector. It was a bold decision by Governor Addison-led management while other past Governors were aware of the problem, but failed to conduct reforms in the sector.â€
Mr. Dawson made these comments following a statement made by the former General Secretary of the NPP, Mr. Kwabena Agyei Agyepong indicating that the central bank had failed in its role in prosecuting persons involved in the banking sector crisis.
The financial analyst however added that “Some of the banks had also breached several banking regulations leaving the financial system at the time, on the brink of a total collapse.â€
Meanwhile, at a recent event held in Accra, the central bank contributed funds to the Economic and Organised Crime Office (EOCO), to help investigate cases related to the financial sector clean-up exercise.