Audio By Carbonatix
The founder and leader of the International Central Gospel Church (ICGC) cannot be indemnified from the banking mess, Dr Emmanuel Akwetey has argued.
The Executive Director of the Institute for Democratic Governance (IDEG) noted that Mensa Otabil’s statement on his role at the defunct Capital Bank after the institution went down comes nowhere close to a tenable defence.
Dr Otabil had said in a statement that he was a non-executive Board Chair of the bank, hence was not involved in the day to day running of the financial institution.
But speaking to Joy News’ Kojo Yankson in an interview aired on the Am Show Wednesday, Dr Akwetey argued that Otabil’s argument cannot exonerate him.
Dr Emmanuel Akwetey
“Whether you’re an executive director or not, you chair the Board so day to day you might not be there but you cannot be exonerated…you have to know that your name on something and if things go wrong your reputation is at stake. You have to take interest when the books come and the auditors’ report comes,” he said.
He added that the bailout from the Bank of Ghana to Capital Bank should have come to the attention of the Board and how the money was supposed to be used should have come to the Board Chair’s [Otabil] attention.
Dr Akwetey explained that there is some collateral damage on the Christian leader because although he wasn’t involved in the day to day manning of the bank, quarterly management meetings, accountability of management and policy decisions fall on him.
He also lauded the probe being conducted by the Economic and Organised Crime Office (EOCO) and other agencies and encouraged that the probe be done in “an impartial fashion and sanctions meted out to…serve as a deterrent to others”.
Read: God is good- Otabil ‘explains’ Capital Bank controversy
The governance expert however took a swipe at the Central Bank questioning whether the regulator took interest in the governance of the banks and why it failed to take immediate action when the banks were facing problems.
Dr Akwetey’s comments come in reaction to the recent banking crisis that has seen seven indigenous banks collapse in 12 months.
Read: BoG creates Consolidated Bank to take over 5 struggling banks
Capital Bank and UT Bank went down in August 2017 and a year on, BoG has created The Consolidated Bank Ghana, to take over five struggling banks.
Latest Stories
-
Dr Abena Nyarkoa to join panel discussion at Africa Together Conference in Cambridge
2 hours -
Walmart warns US shoppers are cutting spending as higher petrol prices bite
2 hours -
Flexible exchange rate regime critical in absorbing external shocks – First Deputy Governor
2 hours -
Toilets and changing rooms must be used on basis of biological sex, guidance confirms
2 hours -
Emily in Paris to end after sixth season, says Netflix
2 hours -
Angry crowd sets Ebola hospital tents on fire in DR Congo
3 hours -
Russia and China condemn US over indictment of former Cuban leader
3 hours -
Bank of Ghana reverts to previous Cash Reserve Ratio policy after scrapping it last year
3 hours -
Ghana-eligible defender Beres Owusu signs permanent deal with Grazer AK
3 hours -
A Super El Niño is coming: What does it mean for Ghana?
4 hours -
Driving Schools Association pushes for mandatory driver training to reduce road crashes
4 hours -
Climate change exists with or without humans — Youth advocate
4 hours -
Plastic waste driving flooding and climate concerns in Bamaahu — Youth Climate Reporter
4 hours -
This week on The Career Trail
4 hours -
My book was born out of university research – Mary Anane Awuku
4 hours