The Bank of Ghana says officials who issued fraudulent licenses to three of the banks which were merged by the Central Bank to operate will be dealt with.

Head of Banking Supervision Department at BOG, Osei Gyesi speaking on Adom FM’s Morning show, Dwaso Nsem Thursday said officials who would be found culpable will face the full rigours of the law.

He said the appropriate institutions will soon take over and begin investigations into the matter.

Bank of Ghana has started working with security agencies who are responsible for dealing with fraudulent acts. I can assure you that when investigations are conducted, officials who will be found guilty will be dealt with,” he said.


The Bank of Ghana has announced the creation of a Consolidated Bank to take over the operations of some five banks.

The affected banks are Royal Bank, Beige Bank, Sovereign Bank, The construction Bank and Unibank.

The government has committed 450 million cedis to support these banks.

Announcing the move, the governor of the Central Bank Ernest Addison noted: “Beige, Sovereign and Construction Banks obtained their licenses under false pretences using a fictitious and nonexistent capital”.


The development comes as the Construction Bank voluntarily folded up its Ghana operations on Tuesday, July 31, 2018.

Mr Osei Gyesi revealed that no immediate job losses are expected as a result of the merger.

He has assured clients of the five banks that their deposits are safe.

“Clients of these banks can carry out their normal banking transactions at their respective banks which will now become branches of the Consolidated Bank of Ghana Limited,” he said.