BoG has no prosecutorial powers to chase culprits in bank failures – Analyst tells critics
A financial analyst, Michael Dawson has said that the Bank of Ghana (BoG) cannot be blamed for the inadequate prosecution of persons whose actions and inaction led to the banking failures.
He explained that the central bank does not have prosecutorial powers to go after these person.
In his view, the BoG has done its part by cleaning up the sector to ensure a robust banking and financial industry.
Prosecution of the culprits is now the duty of the state prosecutors, not the BoG, he said, adding that the Bank of Ghana is a regulator and not an investigative body.
He says that the some of the cases have been sent to court hence he expects the courts to expedite the processes to ensure that those found culpable are brought to book.
The Governor of the Bank of Ghana, Dr Ernest Addison, earlier asked the judiciary to allocate special courts to specifically handle cases related to the recent banking crisis.
He acknowledged the crucial role of the judiciary to efficiently adjudicate financial sector cases.
Also, at a recent event, where the BoG donated funds to the Economic and Organised Crime Office (EOCO), to investigate cases related to the financial sector clean-up exercise, the Governor urged the Attorney General and EOCO to fast track the court processes.
source:3news
