‘More Prosecutions Coming’

President Akufo-Addo

PRESIDENT NANA Addo Dankwa Akufo-Addo has hinted of the prosecution of a lot of persons who engaged in suspicious dealings that led to huge financial losses both to the state and to individuals.

Such unscrupulous transactions have culminated in the collapse of some 13 banks.

Speaking at the annual ‘New Year School’ at the Great Hall of the University of Ghana, the President said, “We have begun bringing those responsible for the banking crisis to justice. We have one case in court and if prima facie evidence of criminality is found in the other ongoing investigations, which according to my information is likely, then the perpetrators of these crises, that is, both the regulators and individuals, will face justice soon.”

UT Bank’s Kofi Amoabeng and Beige Bank’s Michael Nyinaku were remanded in police custody for a week on charges of alleged stealing and money laundering related to the infamous banking crisis.

Both accused persons pleaded not guilty before a Circuit Court presided over by Justice Emmanuel Essandoh, with hearing adjourned to the 22nd of January 2020.

The state has had to spend over GH¢12 billion of public funds to rescue some 6,500 jobs and protect funds of some 4.6 million depositors.

That is the main reason the president thinks those responsible must be punished to serve as a deterrent to any individual or group of persons.

In a keynote lecture at the event, former Chairman of the University of Ghana Council, Dr. Ishmael Yamson, noted that for Ghana to attain the vision of a “Ghana Beyond Aid”, the state must remove all micro impediments in the way of trade.

On the recent banking crisis, he said the challenges had rather impacted negatively on the non-savings culture of Ghanaians in that confidence in the financial sector has dipped.

He, therefore, called on the government to ensure that those behind the rot discovered in the financial sector were prosecuted and punished accordingly.

Dr. Yamson added that the “Ghana Beyond Aid” agenda of the government ought to be adopted as a national vision and not a political agenda of a particular party in power.

As a result, he stressed the need to make “Ghana Beyond Aid” a national document.

The annual ‘New Year School’ and Conference was introduced in 1948 and it brings together people from all walks of life to deliberate on topical issues of national and international interests.

The 71st edition was chaired by Professor Akua Kuenyehia, acting Chairperson of the University of Ghana Council.