Bank Of Ghana Sanctions Staff Complicit In Bank Collapse

The Bank of Ghana says it has applied sanctions to its staff whose actions led to the banking sector distress.

According to the Governor, Dr Ernest Addison, this is part of an “accountability process” his outfit initiated into the corporate governance letdowns to ensure that everybody rendered individual accounts on their involvements.

“There are lingering issues associated with bringing to book those who superintended over the corporate governance failures within the financial sector,” he said at the 2019 Annual Banker’s Dinner organized by the Chartered Institute of Bankers (CIB), Ghana.

Dr Addison added, “Bank of Ghana has applied administrative sanctions to staff that were found complicit and also dismissed a staff for his role in the Sibton deal in the previous regime.”

Recently, a Bank of Ghana official was dismissed for gross misconduct in relation to corrupt transactions and for accepting bribes in connection with the award of a contract to Sibton Switch Systems Limited in 2016.

Bank statements revealed that secret and corrupt payments of GH¢410,000.00 were made by the firm and its parent company Sibton Communications Limited to the official via a shelf company GIB JUST Systems Limited, which was owned by him.

The Central Bank governor says the receivership process has seen significant progress as regards assets recovery of the defunct financial institutions.

“The receivers are in the law courts to recover assets and monies from some shareholders, directors and other loan defaulters of the defunct institutions,”

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