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Probe BoG over collapsed banks – financial analyst

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A Financial Analyst is calling on the government to immediately set up an independent committee to investigate Bank of Ghana (BOG) following the collapse of five banks.

Cudjoe Akpabli believes THE BOG is partly responsible for the collapse of banks in the country.

The Bank of Ghana last week merged five banks into the Consolidated Bank of Ghana Limited.

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The Governor of BOG has explained that Unibank and Royal Banks were under capitalised and were beyond rehabilitation.

On Royal Bank, he said non-performing loans were high, whiles Sovereign Bank obtained its license by false pretences through the use of suspicious and non-existent capital.

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According to an investigative report, the management of Capital Bank, with the approval of the Board Chair, diverted some GHc 610 million liquidity support by the BoG for other uses.

Some of that money was presented as capital to set up another collapsed bank, Sovereign Bank.

Speaking on Adom FM’s Morning show, Dwaso Nsem Tuesday, Mr Akpabli said the collapse of the banks meant the Central bank failed to do due process before allowing them to operate.

Inasmuch as I blame the management of these banks, I strongly blame BOG and I think an independent committee needs to be set to investigate them because they allowed all these messes to happen,” he noted.

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The financial Analyst said everyone involved in any dubious and criminal deal should be brought to book.

Where were the regulators, who are their auditors, who went on the reviews, who were their tax inspectors? Spare no one! These issues have to be dealt with quickly, promptly and decisively because they affect the majority of us who are trying to do the right thing,” he warned.

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