Central Bank chases auditors of five collapsed banks

Elsie Awadzi, 2nd Deputy BoG Governor

The Central Bank is ready to hold accountants and auditors to account for their role in the collapse of the absolved banks forming the Consolidated Bank, Ghana.

The Second Deputy Governor of the Bank of Ghana, Elsie Awadzi stated her unit has written to the Institute of Chartered Accountants, Ghana to make their members who audited the accounts of such failed banks available for interrogation on roles played in masking the true financial standing.

No one will be exempted. Audited firms cannot just collapse so those accountants have explaining to do on their roles,” she submitted.

On August 1, 2018, Bank of Ghana withdrew the license of five Ghanaian Banks after their inability to meet the new capital requirements for banks in Ghana. The Banks were; Construction Bank, Beige Bank, Royal Bank, UniBank and Sovereign Bank. All their assets and liabilities were transferred to form the Consolidated Bank of Ghana with the Government of Ghana owning 100 percent shares of the Bank.

The Government of Ghana recapitalized Consolidated Bank with GHc450 million also issuing a bond of GHc5.76 billion to serve as assets for the newly formed Bank.