BOG sets up special office to strengthen standards

The Bank of Ghana has established a new office called the Office of Ethics and Internal Investigations to strengthen good governance within it, and to promote the highest standards of ethical conduct.

According to the Central Bank in a statement, the Office, “will investigate all allegations of misconduct by staff including any role in respect of the collapse of the defunct banks”.

It added that, its own staff found culpable in the collapse of seven indigenous banks, “will be dealt with in accordance with our Human Resource policies, and referred to law enforcement agencies, if necessary”.

“To promote the highest standards of conduct in the industry, the Bank of Ghana has also recently issued a number of directives to strengthen corporate governance, risk management, and the capital base of banks.

“The Bank of Ghana remains committed to promoting a strong, stable, and viable banking industry built on the values of trust, confidence, and integrity, to support robust macroeconomic development”.

The bank of Ghana in the last 12 months revoked the licenses of seven banks namely; Capital, UT, uniBank, Sovereign, Construction, Beige and Royal.

These regulatory actions, according to the central bank are part of comprehensive reform measures to strengthen the banking sector, also include an overhaul of the supervisory framework and processes of the Bank of Ghana.