OSP Investigates BoG, Banks And Others Over Banking Sector Clean-up

The Office of the Special Prosecutor (OSP) has commenced investigations into perceived acts of corruption by some officials of the Bank of Ghana which might have led to the collapse of some banks and financial institutions in the country.

Other institutions under investigation in the financial sector include officials of some banks, specialized deposit-taking institutions and financial holding companies, all for the same reason.

The banking sector clean up which started from mid-2017 saw the revocation of licenses of at least 11 banks, reducing the number of banks in Ghana from 34 to 23. 347 micro-finance institutions, 15 savings and loans and 8 finance houses also had their licenses revoked.

Many have described the clean-up which is said to have cost government some GHC 25 billion has been described by many as an error as it caused more harm than good, even though Government believes the clean up was necessary to restore confidence in the banking sector.

In its half yearly report, the Office of the Special Prosecutor says it has commenced investigations into the cleanup.

“The investigation targets alleged corruption and corruption related offences perpetrated by some officials of the Bank of Ghana, banks, specialized deposit taking institutions and financial holding companies,” excerpts of the report read.

Meanwhile the OSP is also carrying out 130 more investigations, including investigations into the alleged bribery in the Airbus saga.

The office assures “it is resolute in its vision of rendering corruption and corruption-related activities an ultra-costly adventure in Ghana.”