Ghana Closes In on Watchdogs, Execs at Center of Banking Crisis

Ghana is seeking to prosecute a former finance minister, industry regulator and deputy central bank governor in a bid to stamp out alleged collusion with company executives that helped contribute to the West African nation’s biggest banking crisis, Bloomberg News reported. The former officials are being charged along with nine other banking executives on charges ranging from money laundering to defrauding depositors in the aftermath of a three-year industry clean-up -- the costs of which could escalate to 20 billion cedis ($3.7 billion). The indictments follow an industry overhaul that resulted in a third of the nation’s banks being shut down. “There was a fine, thin line between the regulator and the board of governors at the various banks,” said Lord Mensah, a senior finance lecturer at the University of Ghana Business School. Read more