Kissi Agyebeng

The Office of the Special Prosecutor (OSP) says it has commenced investigations into the financial sector crisis which led to the collapse of some banks in the country.

The investigations, according to the office, will target alleged corruption and corruption-related offences perpetrated by officials of the Bank of Ghana, banks, specialised deposit-taking institutions and financial holding companies.

These were contained in a statement signed by the Special Prosecutor, Mr Kissi Agyebeng.

“The OSP invites members of the public who have knowledge of the commission of corruption or corruption-related offences to lodge complaints with the OSP against any official in this regard,” the statement urged.

The office has also assured the public that all necessary and reasonable steps shall be taken to protect the safety and welfare of all informers, whistleblowers and witnesses.

Meanwhile, the statement has warned any official found culpable and complicit would be arrested and prosecuted.


The financial sector cleanup started in August 2017 led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or moneylenders.

Some 15 savings and loans companies, eight finance house companies, and two non-bank financial institutions were also affected by the cleanup.


The Securities and Exchange Commission (SEC) also announced the revocation of licenses of 53 Fund Management Companies.

A number of these institutions were found to have varying degrees of corporate governance lapses.

The total estimated cost excluding interest payments, from 2017 to 2019 was pegged at GHS16.4 billion.