Bank of Ghana Plans to Prosecute Executives of Failed Banks

Ghana’s central bank plans to prosecute executives of failed local lenders suspected of dissipating depositors’ funds and insider dealing, the regulator told Reuters on Tuesday. The Bank of Ghana on Aug. 1 said it had revoked the licenses of Unibank and smaller peers Royal Bank, Beige Bank, Sovereign Bank and Construction Bank, and had appointed a receiver to manage their assets because they had become insolvent, Reuters reported. Deputy central bank governor Elsie Awadzi told Reuters the central bank was also considering barring culpable directors from operating in the Ghanaian financial sector. “We are working very hard on submitting a dossier on each of these banks to the law enforcement agencies ... to further investigate criminal behaviour or what could potentially be criminal behaviour and to prosecute,” Awadzi said in an interview in Accra, without naming any of the individuals under investigation. Read more.