The Bank of Ghana has said it has presented the names of persons responsible for the collapse of the five banks to the Economic and Organized Crime Office (EOCO) for investigations as the new receiver starts work.

The Bank of Ghana last week revoked the licenses of five universal banks, namely, Royal Bank, Construction Bank, Sovereign Bank, Unibank and BEIGE Bank. According to the central bank, the action was taken due to the inability of some of the banks to meet existing minimum capital requirement.

Some of the troubled banks also faced liquidity issues while others obtained their licences through dubious means.

The banks have been merged to form the Consolidated Bank of Ghana (CBG) Limited.

Speaking on Joy FM Monday, the Head of Banking Supervision at the Bank of Ghana, Osei Gyasi stated that the Central Bank will not shy away from cracking the whip.

“If it comes out that somebody compromised, the appropriate sanctions will be applied. We’ve done the report and the period in which these things occurred are clearly defined. These things occurred under the administration of some people, once the people have been identified and found culpable by the law it is important, then the appropriate sanctions will be applied.  

“…If you are aware that EOCO has invited certain people then certainly that couldn’t have been done without a report.”

Mr Osei Gyasi was however unable to state if those invited by EOCO includes officials of the Bank of Ghana.