Ghana Charges CEOs Over Banking Crisis That Cost $2.2 Billion
16 Jan 2020

Ghanaian prosecutors charged the chief executive officers of two defunct lenders for alleged crimes that contributed to a banking crisis that cost the West African nation 12.5-billion cedis ($2.2 billion) in bailouts.

Michael Nyinaku, the former CEO of Beige Bank Ltd., appeared in the Accra Circuit Court on Tuesday on counts of stealing 341 million cedis and money laundering, court documents showed. Prince Kofi Amoabeng, who founded UT Bank Ltd., appeared for money laundering as well as theft charges of 51.3 million cedis and $8.6 million, according to a separate court filing.

Both men have previously denied any wrongdoing.

The scale of Ghana’s banking crisis came to the fore when the central bank started an industry cleanup in August 2017 to remedy years of poor governance and weak regulatory oversight.

By Ekow Dontoh, Bloomberg, 15 January 2020

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