BoG collapses 5 banks: Industry experts call for independent probe

The recent collapse of five banks in Ghana has sent shockwaves through the financial sector, raising concerns about the regulatory oversight of the central bank. Industry experts are now calling for an independent probe to investigate the circumstances leading to the banks' collapse and the role of the Bank of Ghana (BoG) in addressing the liquidity challenges. John Gatsi, an economist at the University of Cape Coast, shared his insights on the matter in a recent interview with CNBC Africa. Gatsi emphasized the need for a thorough examination of the central bank's actions and highlighted the broader issues of corporate governance and debt repayment that may have contributed to the crisis. The developments have sparked a debate over the accountability and transparency of Ghana's banking sector, with stakeholders pushing for greater scrutiny and oversight to prevent future financial collapses. As the investigations unfold, the implications of this crisis are likely to reverberate across the industry, shaping the regulatory framework and governance practices in the country's banking sector.