BoG must scrutinize monitoring system – Lecturer

A lecturer at the Ghana Institute of Management and Public Administration (GIMPA) Clement Akapame has tasked the Bank of Ghana (BoG) to take a second look at its monitoring of the country’s banking sector.

This follows the Central Bank’s revocation of the licenses of UT bank and Capital bank due to “severe impairment” of their capital.

The BoG has therefore selected GCB to assume ownership of the two banks.

“Customers of UT bank and Capital bank are now customers of GCB bank,” a statement from the Central bank said Monday.




“Also, all staff of the two bank will in the interim become staff of GCB bank and GCB bank will negotiate the terms of their contract,” added the statement.

Commenting on the development Tuesday on Morning Starr, Akapame said “moving forward we need to check what went wrong…we have to look at the whole chain of the licensing procedure. How these banks got their licenses? What were the steps? Did they follow the guidelines from the bank of Ghana?”

“For the Bank of Ghana itself, I believe that these happenings is a learning process for them as well. So that we can go and start pointing fingers when you have also reneged to some extent on a certain functions that you are supposed to perform,” he noted.

Source:StarrFMonline.com