Ghana is charging former executives of two insolvent banks for alleged crimes that contributed to the country’s banking crisis. Former Beige Bank Ltd CEO Michael Nyinaku and UT Bank Founder Prince Kofi Amoabeng will face charges for crimes that cost Ghana $2.2 billion in bailouts. The arrests come as Ghana concludes reforms in its banking industry, which started in 2017.
According to Bloomberg, Kofi Amoabeng is facing charges for money laundering and theft worth $9.07 million and $8.6 million respectively. On the other hand, Michael Nyinaku faces similar charges that amount to $60.3 million. Both executives appeared before the Accra Circuit Court last week, denying the allegations.
Ghana is concluding an industry clean-up in its banking sector to fix a past of poor governance and weak regulation. This is an effort to ameliorate the damage from the previous economic crisis where failed lenders cost the state $2.2 billion in bailouts.
Other high profile arrests from the clean up include that of former Capital Bank CEO William Essien. Essien is facing 26 charges, including theft worth $45.9 million.