President Akufo-Addo has assured the citizenry of the arrest and subsequent prosecution of persons directly responsible for the banking sector crisis which led to massive loss of jobs.

“We have begun bringing those responsible for the banking crisis to justice,” he stated while addressing the 71st Annual New Year School and Conference held at the University of Ghana, Legon campus.

His comment follows the arrest of the founder of the now-defunct UT Bank, Prince Kofi Amoabeng, who was dragged to court on Tuesday over the collapse of the bank. 

While Prince Kofi Amoabeng was granted bail, the CEO for defunct Beige Bank, Mike Nyinaku, who was also in court was remanded into police custody for one week.

The action was lauded by Ghanaians who had long called for heads to roll over the crisis.

Apart from UT Bank, Beige Bank together with some four indigenous banks Unibank Ghana, Construction Bank, Sovereign Bank and Royal Bank were merged by Bank of Ghana to form the Consolidated Bank after their collapse. 

But addressing participants at the Conference which was themed “Attaining Ghana Beyond Aid: Prospects and Challenges”, the President maintained that the state had lost a lot of money and perpetrators ought to be punished.

“We had to spend over ¢12 billion of public funds in order to rescue some 6,500.00 jobs as well as to protect funds of some 4.6 million depositors.

“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”, he concluded.