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Banking crisis: Complicit BoG staff 'to be punished soon'

The Head of Banking Supervision at the Central Bank has hinted that management will soon punish staff cited for their role in the liquidation of some banks.

Osei Gyasi has called for calm, assuring the public that firm steps have been taken to resolve internal issues at the central bank.

“I think the work of the Ethics Department...is ongoing [and] is almost completed; and very soon, the final report will be issued to management,” he told Newsfile host Kojo Yankson, Saturday. According to Mr Gyasi, Bank of Ghana staff specifically those with the Banking Supervision Division (BSD) and those who used to be there when some of the issues occurred were questioned.Mr Gyasi, who has served in his position since 2017, admitted to Joy News last year that there were errors in bank oversight, causing the collapse of five banks last year, but he cautioned that under the current management, “it won’t be business as usual.”

He explained at the time that what caused the banks’ liquidations stemmed from lack of corporate governance, failure of the banks to comply with regulatory balances and mismanagement of administration standards.

Regarding the investigative report, he said on Newsfile that, “management will study the report and take the appropriate decisions…you can be sure that anyone who is culpable will be dealt with appropriately,” he said.

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