Special Prosecutor investigates banking sector corruption crisis

Special Prosecutor, Kissi Agyebeng

The Office of the Special Prosecutor has begun investigations into the banking and financial sector crisis, which led to the collapse of some banks and other financial institutions.

In a statement, the office said investigations are targeting “alleged corruption and corruption-related offenses perpetrated by officials of the Bank of Ghana, banks, specialized deposit-taking institutions and financial holding companies.

The statement indicated that any official found culpable and complicit would be arrested and prosecuted.

The Office of the Special Prosecutor is therefore inviting 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 office further assured informants, whistleblowers and witnesses that they will be protected.

The financial sector clean-up started by government in August 2017 led to the collapse of nine universal banks, 347 microfinance companies, 39 microcredit companies or moneylenders, 15 savings and loans companies, eight finance house companies, and two non-bank financial institutions.

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

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