BoG failed in its supervisory role in GN Bank crisis - Senyo Hosi
Senyo Hosi, convener of the OneGhana Movement and finance policy analyst, criticised the Bank of Ghana (BoG) on Saturday, May 23, on JoyNews' Newsfile, arguing that the central bank failed in its supervisory responsibilities in the GN Bank crisis. Mr. Hosi said, "The Bank of Ghana must face and be honest about it. It failed."
Mr. Hosi stated that depositors across several financial institutions struggled to access their funds during the period leading up to the clean-up exercise. He said, "People could not get their money," and that people were having problems withdrawing cash from GN Bank. He noted that GN Bank closed down about 70 branches at a certain point in time. Mr. Hosi also criticised poor corporate governance practices within some financial institutions, including GN Bank, and expressed disappointment over the alleged prudential breaches. He said the banking sector crisis had been growing over several years and did not just happen in 2017 and 2018.
Quick Summary
Senyo Hosi, convener of the OneGhana Movement, has taken issue with the Bank of Ghana's handling of the GN Bank crisis. He suggests the central bank could have done more to prevent the situation from escalating- but what does this mean for the future?
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