November 13, 2018
Majority Leader in Ghana’s Parliament, Osei Kyei-Mensah-Bonsu has backed calls for the prosecution of culpable directors of collapsed local banks.

The comments by the leader who also Minister for Parliamentary Affairs follows a suit filed by receiver, PwC over the collapse of Capital Bank.

Pastor Mensa Otabil, the International Central Gospel Church (ICGC) and 13 other shareholders and directors of the now-defunct Capital Bank, have been sued by Messrs Vish Ashiagbor and Eric Nana Nipah, both of accounting and auditing firm PricewaterhouseCoopers, in connection with the collapse of the bank in 2017.

“The BoG has a unit [monitoring unit] and those of them who are seen to have compromised their positions will suffer. I am cocksure about that, we must begin from somewhere and sanitize the banks” Mr Kyei-Mensah-Bonsu said in an interview at Parliament House last week.

He stated that the prosecution of directors was the way to go and believes “if anyone is found to have breached the law, that person must certainly face the music”.

According to him the turbulence in the banking sector is one of the major reasons affecting the cost of foreign currency especially the dollar.

“You all know what occasioned the world financial meltdown, it was disturbances in some of the banks, starting with Lehman brothers and that really caused world turbulence and the cedi at the time depreciated, the dollar suffered, now today we have a similar thing playing locally in our system”.

The Suame Member of Parliament urged Ghanaians to demonstrate goodwill to ensure that sanity is brought to the banking system which will ultimately help grow the economy.

By Christian Kpesese/