Dockets for financial crimes; NAM1 are almost ready for prosecution – Dame
The Minister of Justice and Attorney General, Godfred Dame has said dockets for financial crimes in Ghana are ready for prosecution to commence.
He indicated that painstaking investigations have been conducted into these crimes to gather all the facts.
Ghana recently experienced alleged financial crimes including the activities of the defunct gold dealership firm, MenzGold.
Recently, Executive Director of the Economic and Organised Crime Office (EOCO), COP Maame Yaa Tiwaa Addo-Danquah said it was difficult gathering evidence against the Chief Executive Officer of MenzGold, Nana Appiah Mensah (NAM1).
“An example is the Menzgold case. Which law or which Act did he break? And it is becoming difficult even prosecuting that case because no law will define the offence,” COP Tiwah stressed while speaking at a forum organised by the Asante Professional Club.
The country also witnessed banking crisis, leading to the Bank of Ghana (BoG) to clean up the sector.
Speaking on the financial sector at Cambridge University, Mr Dame said “Between August 2017 and January 2020, Ghana was hit by a severe banking crisis that affected several institutions, and several indigenous banks, as a result of which the central bank ordered a take-over of some of the banks by the Ghana Commercial Bank.
“The Central bank cited the insolvency of the banks as a significant reason for revoking their license.”
He added “Five indigenous banks were consolidated to form the Consolidated Bank Ghana Limited. A deeper examination of the banking crisis showed poor corporate governance, non-performing loans, breach of directors’ obligations, credit risks, and regulatory lapses were responsible for the vulnerabilities the banks were exposed to.
source:3news
