Finance Minister, Ken Ofori Atta has reiterated that will use all the legal processes available punish all persons found complicit in the collapse of some seven banks in the country.
The Bank of Ghana has so far revoked the licenses of seven banks after investigations proved they were insolvent and illiquid.
Presenting the 2019 Budget, the Finance Minister, Ken Ofori-Atta stated that some legal actions have been taken already.
“The receivers for the resolved banks have already commenced civil actions against the shareholders and directors to recover the funds. The Attorney-General has also set up a special investigation team that is preparing dockets to prosecute those found criminally liable”, Ken Ofori Atta stated.
The Finance Minister also revealed that the seven collapse banks – unibank, Beige Bank, Sovereign Bank, Construction Bank, Royal Bank, Capital Bank, UT Bank – have cost the government an amount of GH¢9.9 billion.
According to him, through government’s intervention in August this year, deposits of some GH¢11.0 billion have been saved as well as some 2,661 jobs in addition to several hundred saved in 2017 from the insolvent 2 banks that were closed.
Ken Ofori Atta said not only will government punish complicit in the failure of the banks but it will continue to ensure the safety of depositors monies.
“The Government has continued to provide assurances to depositors and customers of licensed banks and specialized deposit-taking institutions, through demonstrable actions, that their deposits are safe”.
He explained that the formation of the Consolidated Bank Ghana Limited and its recapitalization of four hundred and fifty million Ghana cedis has renewed the confidence of Ghanaians in the banking sector.
“The government capitalized Consolidated bank with GH¢450 million. This singular action of government has reposed confidence in the banking system because it will ensure that no deposit will be lost, and customers will continue to access their deposits without difficulty”.
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By: Anita Arthur/citibusinessnews.com/Ghana