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Wednesday, July 24, 2024

Special Prosecutor begins probe into financial sector crisis

The Public Attorney general’s Office has initiated an investigation into the banking and financial sector crisis, which resulted in the failure of several banks and financial organizations.

The office stated in a statement that it was looking into “alleged corruption and corruption-related offenses committed by personnel of the Bank of Ghana, banks, specialized deposit-taking institutions, and financial holding corporations.”

“Any official who is proved to be responsible and involved in the crime will be arrested and punished.”

“The OSP welcomes members of the public who have information of corruption or corruption-related offenses to file complaints with the OSP against any official involved,” the statement continued.

Informants, whistleblowers, and witnesses will also be safeguarded, according to the office.

The administration began cleaning up the financial industry in August 2017.

Nine universal banks, 347 microfinance organizations, 39 microcredit firms or moneylenders, 15 savings and loans companies, eight finance house companies, and two non-bank financial institutions have all failed as a result of the government’s financial sector cleaning, which began in August 2017.

The Securities and Exchange Commission also stated that 53 Fund Management Companies’ licenses had been revoked.

Corporate governance flaws were discovered in a number of these entities to varied degrees.

From 2017 to 2019, the overall projected cost of the state’s fiscal intervention, excluding interest payments, was expected to be GHS16.4 billion.

Clients have been left in a state of despair as a result of the institutions’ failure, since many have been unable to recover their savings and investments.

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