You are here: HomeBusiness2017 08 21Article 571585

Business News of Monday, 21 August 2017


BoG to commission audit into UT, Capital banks’ operations

The Bank of Ghana is to commission a team of auditors into the operations of UT and Capital Banks as it investigates the circumstances surrounding the collapse of the two banks.

This is to follow an approval from the Public Procurement Authority as the central bank is resorting to sole sourcing in the selection of the requisite professionals.

Governor of the Bank of Ghana, Dr. Ernest Addison has cautioned that all persons found culpable will be duly sanctioned.

Already some accounts of key officials have been blocked as investigations continue.

The Head of Banking Supervision at the Bank of Ghana, Mr. Raymond Amanfu who spoke to Citi Business News said, “We have not sent any auditor there what we have said is that we are in the process of sending a team which includes chartered accountants, lawyers, and bankers. The Governor said there will be an investigation, we have to get approval from public procurement before we can start because this is a very sensitive issue, not something that you go through public tender.”

He added, “If you are doing sole sourcing you have to get regulatory approval so we are waiting and when we get regulatory approval it will commence.”

Commenting on the time period scheduled for the entire investigation process, Mr. Amanfu was hopeful of completing within the next three months. He was however quick to add that the period will be extended depending on the emerging issues.

“The initial time period we have given ourselves is a maximum of three months. But if it requires more time we believe those appointed will get back to us for more time if need be,” he stated.

The Bank of Ghana on Monday granted permission to GCB Bank to purchase UT Bank and Capital bank as they were unable to increase their cash requirement need for their banking operations.

As at Friday, the Bank of Ghana had begun unblocking accounts of key managers of UT Bank and Capital Bank following investigations into the activities of the two banks leading to their collapse.

This is contrary to media reports that the central bank has frozen the accounts of top managers and Directors of the two banks as it looks into their operations.