As part of efforts to build a strong and robust financial sector, Bank of Ghana and the Economic and Organised Crime Office (EOCO) have signed an agreement to strengthen the investigative operations of the latter.
Governor of the Bank of Ghana, Dr. Ernest Addison, signed on behalf of the bank, while the Executive Director of EOCO, Commissioner of Police (CoP) Maame Yaa Tiwaa Addo-Danquah, signed for EOCO.
The Governor indicated that the Bank of Ghana Board approved the disbursement of GH¢10million to support EOCO to strengthen its operations. The fund will be disbursed in two tranches, with the first GH¢5million used to augment EOCO’s operations, especially with regard to investigations into the financial clean-up reforms.
Speaking at a brief ceremony in Accra, Governor of the Bank of Ghana, Dr. Ernest Addison indicated that a chunk of the money would be used to investigate cases related to the financial sector clean-up exercise.
He noted that the reforms brought to the fore the critical role of EOCO in uncovering financial crimes, and ensuring that perpetrators were brought to book.
Dr. Addison added that the complex nature of the malpractice required that an expert body of investigators be brought in to unravel the matter through further investigations and deal with it.
He said as part of the reforms, the central bank appointed receivers for the failed institutions and tasked them to secure the assets of the collapsed companies, liquidate same to defray debts, and identify issues of malpractice that required extra investigations for prosecution and other accountability processes.
On her part, the Executive Director of EOCO, CoP Maame Yaa Tiwaa Addo-Danquah, commended the central bank for the gesture and pledged to ensure that the money is prudently utilised for its intended purpose.