Arrest and prosecute directors of collapsed financial institutions - Obiri Boahen

Deputy General Secretary of the New Patriotic Party (NPP), Nana Obiri Boahen has asked the government to go after Directors of the collapsed Banks, Finance Houses and Savings and Loans institutions.

According to him, the situation is worrying and that action needs to be taken now.

Speaking on Okay FM’s 'Ade Akye Abia' program, Nana Obiri Boahen expressed worry as to why his government has been very inactive in arresting and prosecuting the Directors who have fraudulently collapsed these financial institutions.

He added that irrespective of their political colour or position, the party should be bold enough to initiate court actions against them.

"This will resolve confidence in the government. But if things should go this way, more fraud will be perpetuated in the banking sector," he said.

"The government should not in any way be lenient with them at all. The law must be allowed to take its course," he added and charged the Bank of Ghana to employ more receivers to enable them to facilitate their work for depositors to receive their cash.

The Receiver of the 23 collapsed savings and loans companies and finance house companies, Eric Nana Nipah, says he will commence payments to depositors of the affected companies within 7 days.

According to him, the payments would be made based on funds available from the government.

“I’m working towards being in the position to commence payment within seven days and that relates to funding to be received from the government,” he said

Mr. Nipah also noted that he was yet to meet with officials of the Bank of Ghana (BoG) to conclude on the modalities for payment of funds.

"I have no idea of the money involved and how much government was going to make available [but] I’m very hopeful that in the coming days all these will be sorted out and explained to me,” he added.