Business General

Bank collapse: You are criminals and accomplices – Ex-BoG economist to staff

Dr. A. O Abudu, a former Bank of Ghana chief economist has stated categorically that staff of the Bank of Ghana who aided defaulting banks who have created a crisis in the banking should also be considered as criminals.

According to him, there’s no way the banks in question could have bypassed protocols without the staff knowing.

He lamented that their indiscipline and carelessness has cost the banking sector and the general public direly leading to massive job losses.

“Look at even the banking crisis; they were going through shortcuts; including those people who were criminals in the Bank of Ghana…You are told that these are regulations, people must comply, you are sitting there, they are not complying with the regulations, and you are condoning them. You are a criminal,” he said on Sunrise morning show Tuesday.

Seven local banks – UT, Capital, Soverign, Construction, Royal, UniBank and Beige banks – have collapsed within a year, causing approximately 2000 job losses.

Five out of the seven banks, whose licenses were revoked by the BoG over liquidity issues, have now been merged to form the Consolidated Bank Ghana Limited after government injected 450 million cedis into it as a minimum capital.

The former BoG chief economist, faulted some officials of the central bank for not doing due diligence hence leading to the crisis in the banking sector.

He stressed that the lack of honesty and indiscipline are the traits of some Ghanaians, and it’s causing the country a lot of harm.

“We have to be disciplined; we have to honour discipline, people feel they can have shortcuts,” he noted.

The former chief economist also chastised opinion leaders who plead for persons found culpable of corrupt acts to be let go.

“I think that when some of these chiefs come and intervene, please don’t take him away, these are all part of the criminal gang, you become an accomplice, and if you are an accomplice you are also a criminal,” he said

He also emphasized the need for persons found culpable to be dealt with properly, instead of just restricting it to jail terms.

“Your property, everything must be seized. You should not just go and pay. Nobody should hold Ghana hostage,” he said.

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