Preliminary investigations carried out by the Bank of Ghana (BoG) has exonerated the Board Chairman of GCB Bank of any wrongdoing in the current impasse at the bank.

There have been recent reports in the media suggesting that Daniel Owiredu has been pushing the Bank to approve loans without a collateral.

A recent statement issued by the Bank described the reports as ‘malicious’ and without a basis adding such reports and publications should be “treated with the contempt that they deserve.”

According to sources at the Central Bank, they were to step in and do their own investigations to establish the veracity of these reports because of the impact of such reports on the bank.

The source said BoG investigations shows that Mr. Owiredu has not acted in any way that affects the operations and dealings of GCB Bank, especially when it comes to the granting of loans. 

The Central Bank, however, maintains that there might be the need to take a second look at the Board Chairman heading large credit committee of GCB Bank.

It also established that Mr. Owiredu has not got the necessary expertise to supervise that committee or in instances where he chairs the large credit committee, he should not sit on the Board when that committee presents its reports.   

Meanwhile banking consultant, Nana Otuo Acheampong fears the Bank could suffer greatly for this.

He said everything must be done to solve the situation internally to ensure that investors and depositors do not suffer for this.