The Bank of Ghana has set up a special office to investigate its staff whose actions contributed to the collapse of seven banks.
The Office of Ethics and Internal Investigations, according to a statement from the Central Bank, will identify personnel who were directly or indirectly involved in the crisis in accordance with its Human Resource policies.
The regulator said staff found culpable will be prosecuted.
“The Office will investigate all allegations of misconduct by staff including any role in respect of the collapse of the defunct banks. Staff found culpable will be dealt with in accordance with our Human Resource policies, and referred to law enforcement agencies, if necessary,” the statement from the BoG said.
It added: “To promote the highest standards of conduct in the industry, the Bank of Ghana has also recently issued a number of Directives to strengthen corporate governance, risk management, and the capital base of banks.
“The Bank of Ghana remains committed to promoting a strong, stable, and viable banking industry built on the values of trust, confidence, and integrity, to support robust macroeconomic development.”
Seven indigenous banks – Capital, UT, uniBank, Sovereign, Construction, Beige and Royal– have had their licenses revoked for breaching banking regulations.
The BoG recently merged five of them into The Consolidated Bank of Ghana as part of moves to cleanse the banking industry.