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Special prosecutor begins probe into banking sector crisis

The OSP says the investigations target alleged corruption and corruption-related offences perpetrated by officials of the Bank of Ghana among others

The Office of the Special Prosecutor (OSP) has announced that it has started investigations into the banking and financial sector crisis leading to the collapse of some universal banks and other financial institutions in Ghana.

At least eight universal banks had their licences revoked and over 200 microfinance and savings and loans companies were shut down in Akufo-Addo’s first term as a result of insolvency and other regulatory breaches.

“The investigations target alleged corruption and corruption-related offences perpetrated by officials of the Bank of Ghana, banks, specialised deposit-taking institutions and financial holding companies,” the OSP said in a statement Tuesday (25 January).

“The OSP invites members of the public who have knowledge of the commission of corruption or corruption-related offences to lodge complaints with the OSP against any official in this regard. The OSP assures the public that all necessary and reasonable steps shall be taken to protect the safety and welfare of all informers, whistleblowers and witnesses. Any official found culpable and complicit would be arrested and prosecuted”.

The Bank of Ghana (BoG) puts the total costs of its clean-up operation at some GHS10. 98 billion (US$2.1 billion), equivalent to just over 3% of the nation’s GDP in 2019, reports the Oxford Business Group.

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