We can't prosecute those behind the issuance, acquisition of fraudulent licences -BoG

The Bank of Ghana (BoG) says it does not have the power to prosecute persons behind the acquisition and issuance of banking licences to three of the collapsed banks through fraudulent means. It however said it will provide the necessary evidence required by the requisite state institution to initiate prosecutions where necessary. BoG on Wednesday, August 1 announced the revocations of the licences of the Beige Bank, Construction Bank, the Royal Bank, Sovereign Bank and uniBank, and consequently established the Consolidated Bank Ghana Limited to take over the assets of the banks. Read: BoG establishes Consolidated Bank for 5 distressed banks This was after BoG declared the banks insolvent arising mainly out of bad corporate governance. The three were said to have used fraudulent means through the use of suspicious and non-existent capital to procure their licences, an act many have called for further investigation and prosecution. But speaking exclusively to TV3 Thursday, head of Banking Supervision Department at BoG, Osei Gyasi, said the BoG is ready to partner any institution with prosecutorial powers that wishes to take the matter on. “What Bank of Ghana can do at this stage is to collaborate and maybe to provide the evidence available,” he stated. He noted that the BoG on its own cannot prosecute those found culpable in the issuance and acquisition of such licences, saying “ I don’t think the Bank of Ghana has the mandate to prosecute”. Meanwhile, Member of Parliament (MP) for Bolgatanga Central, Isaac Adongo, is demanding also the resignation of the governor of the Bank of Ghana over the same matter. Read: MP demands resignation of BoG governor Commenting on the issue Thursday Mr. Adongo said the revelation exposes weaknesses in the work of BoG which is the regulatory body, adding BoG did not do due diligence as required. By P.D Wedam|editors.3news.com|Ghana