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General News of Saturday, 5 January 2019


Banking crisis: Complicit BoG staff 'to be punished soon'

The Head of Banking Supervision at the Central Bank has hinted that management will soon punish staff cited for their role in the liquidation of some banks.

Osei Gyasi has called for calm, assuring the public that firm steps have been taken to resolve internal issues at the central bank.

“I think the work of the Ethics ongoing [and] is almost completed; and very soon, the final report will be issued to management,” he told Newsfile host Kojo Yankson, Saturday.

According to Mr Gyasi, Bank of Ghana staff specifically those with the Banking Supervision Division (BSD) and those who used to be there when some of the issues occurred were questioned.

Mr Gyasi, who has served in his position since 2017, admitted to Joy News last year that there were errors in bank oversight, causing the collapse of five banks last year, but he cautioned that under the current management, “it won’t be business as usual.”

He explained at the time that what caused the banks’ liquidations stemmed from lack of corporate governance, failure of the banks to comply with regulatory balances and mismanagement of administration standards.

Regarding the investigative report, he said on Newsfile that, “management will study the report and take the appropriate decisions…you can be sure that anyone who is culpable will be dealt with appropriately,” he said.

According to him, besides the security agencies and other bodies are investigating, the BoG has taken it upon itself to look into how “these things occurred and what gave rise to that.”

Mr Gyasi said, he is not speaking broadly about what is happening outside the walls of the Bank as there could be criminal issues that could come up for the appropriate state agencies to take it up.

The BSD boss disclosed that some persons have been invited to the Economic and Organised Crime Office (EOCO) to answer questions on their role in the issue.

“What I am saying is that from within, let’s exercise patience, let’s allow the processes to be exhausted and when the reports come out then we will see the decisions that will be taken by management," he said.

He said Ghanaians should be joyous for everything that has happened in the banking sector.