The Bank of Ghana cannot absolve itself from blame over the recent collapse of seven indigenous banks due to laxity on its part, Adom FM’s anti-corruption programme Fabewoso show host, Captain Smart has said.
ALSO READ: Take a Read: Ghana’s oldest female legislator alive writes to SA Prez Cyril Ramaphosa
The Bank of Ghana declared five banks —Unibank, Sovereign, Construction, Beige and Royal— insolvent and revoked their licences then merged them into what it has been christened the Consolidated Bank Ghana Limited.
The central bank’s action comes a few months after it revoked the licenses of UT and other banks which were also indigenously owned.
ALSO READ: Man, 52, commits suicide after killing friend and two-year-old daughter
The BoG said some of those banks were significantly undercapitalized and beyond rehabilitation, while others supposedly obtained their licenses under false pretences.
But Captain Smart said officials at the Bank of Ghana cannot be pardoned because they were not vigilant enough and watched on as such activities happened – only to end up taking reactive measures.
ALSO READ: Boy,13, drops dead after touching electrified coconut tree at Abirem
He noted that the Central Bank has been ineffective in enforcing its mandate which has contributed to the industry’s distress.
Captain Smart called for the prosecution of all BoG officials found culpable to serve as a deterrent to others.
Watch the video above for the full show.