Prosecute Directors of 7 Collapsed Banks – Christian Council

The Christian Council of Ghana (CCG) has called on the government and security agencies to as a matter of urgency, arrest and prosecute those whose actions and inactions have led to the collapse of seven local banks in the country.

The Council said it is unacceptable that public funds are used to set up such banks but due to mismanagements, such banks are left to collapse.

The General Secretary of the CCG, Reverend Dr Cyril G. K. Fayose made the call at the 2018 Synod of the Global Evangelical Church in Accra today.

The Bank of Ghana (BoG) merged five banks into a Consolidated Bank of Ghana Limited early this month. The banks are BEIGE, Sovereign, Construction, uniBank and Royal Bank.

Prior to consolidation of this, Capital and UT had also collapsed in August 2017. The closure follows the insolvency of the five banks after investigations by BoG.

Rev Dr Fayose said “we [CCG] calls for arrest and prosecution of those whose actions and inactions led to the collapse of these banks”.

“The government and the security agencies must prosecute all those who whose actions led to the dissolutions of the seven banks because it is unacceptable”, he added.

He said “Only a thorough investigation will restore the public confidence in the banking system in the country”.

Rev Dr Fayose praised BoG for their quick interventions in ensuring that deposits of customers were safe by consolidating the five banks.