Head of Banking Supervision at the Bank of Ghana (BoG), Raymond Amanfu, has revealed that the central bank has placed an embargo on all transactions of bank accounts belonging to the directors and managers of the now defunct UT and Capital banks.

“A team from Bank of Ghana is there with the PricewaterhouseCoopers. What we have done in the course of this exercise is to block directors’ accounts [and] related parties’ accounts and managers’ accounts,” he said.

According to him, the central bank will examine transactions that took place prior to the collapse of the banks and determine if there were any unusual transactions.

He explained in an interview with Accra-based Joy FM on Friday, 18 August that if any unusual transactions are detected, an investigation will be carried out further to determine if they involved infractions that led to the collapse of UT and Capital banks.

The central bank withdrew the licences of the two banks recently and GCB Bank took over transfers of all their deposits and selected assets after a purchase agreement.