The Ghana National Chamber of Commerce and Industries has applauded the Bank of Ghana (BoG) for taking tough measures in an attempt to purge the banking system of Ghana.

The Bank of Ghana last week revoked the licenses of five universal banks, namely, Royal Bank, Construction Bank, Sovereign Bank, Unibank and BEIGE Bank. According to the central bank, the action was taken due to the inability of some of the banks to meet existing minimum capital requirement.

A statement issued by the Chamber called for the possible prosecution of officials from both the BoG and the affected banks whose actions and inactions resulted in the murky situation in the sector, while it urged the continuous inspection and enforcement by the BoG, which according to the Chamber is critical in ensuring financial stability in the country.

“It is the expectation of the Chamber that the current restructuring of the banking sector and the financial system will contribute to strengthen the real economy. The Chamber calls on BoG to strengthen its supervisory and regulatory mechanism,” the Chamber said in its statement.



Meanwhile, the Bank of Ghana has said it has presented the names of persons responsible for the collapse of the five banks to the Economic and Organized Crime Office (EOCO) for investigations as the new receiver starts work.



Officials say some of the troubled banks faced liquidity issues while others obtained their licences through dubious means.

The banks have been merged to form the Consolidated Bank of Ghana (CBG) Limited.