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BoG Governor Dr. Johnson Asiama: No Pressure to Reinstate Revoked Bank Licences Without Due Process
Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has affirmed that he is under no pressure to unilaterally reinstate the licences of banks whose operations were terminated during the country’s banking sector cleanup.
Addressing journalists at the 125th Monetary Policy Committee (MPC) press conference held in Accra on Wednesday, July 30, Dr. Asiama responded to a question from Citi Business News’ Nerteley Nettey Adjaho, stressing that any potential reinstatement must adhere strictly to legal and institutional protocols.
“Not at all,” Dr. Asiama stated in response to whether he felt pressured to restore licences. He emphasized that such decisions fall beyond the discretion of the Governor and must be guided by legal rulings and the approval of the Bank’s Board of Directors.
“Remember, the resolution framework is still in effect. When I assumed office, substantial progress had already been made. Some of the cases are currently in court, while others are going through settlement procedures. The process is ongoing, and we are committed to following it accordingly,” he noted.
Dr. Asiama further elaborated on the steps required for any potential reinstatement:
“If, for instance, a court issues a directive, the Board of the Bank of Ghana would review and act accordingly. However, from my position as Governor, there is absolutely no pressure to restore any licence unilaterally.”
This clarification comes in the wake of a political promise made by former President John Dramani Mahama during the 2024 general election campaign. In his acceptance speech at the University of Development Studies on May 15, 2024, after securing the National Democratic Congress (NDC) presidential nomination, Mr. Mahama pledged to enhance local participation across key sectors including banking, telecommunications, tourism, mining, agriculture, and manufacturing as part of efforts to grow the economy and create sustainable jobs for the youth.
The banking sector cleanup, launched in 2017, was aimed at sanitizing and stabilizing Ghana’s financial system. As part of the reform, the central bank raised the minimum paid-up capital requirement for commercial banks from GHS120 million to GHS400 million. This regulatory adjustment led to the collapse or consolidation of several financial institutions that failed to meet the new capital threshold.
In total, the Bank of Ghana revoked the licences of nine local banks, 23 savings and loans companies, 347 microfinance institutions, 39 finance houses, and 53 fund management firms.
Among the collapsed banks were UniBank, The Sovereign Bank, The Beige Bank, Premium Bank, The Royal Bank, Heritage Bank, Construction Bank, UT Bank, and Capital Bank.
While the central bank defended the move as essential to restoring confidence and resilience in the financial sector, critics argued that several of the affected institutions could have been restructured or supported to preserve jobs and maintain indigenous ownership within the sector.
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Akonta Mining Operations Manager Granted GH¢10 Million Bail in Illegal Mining Case
An Accra court has granted bail in the sum of GH¢10 million to Kwadwo Owusu Bempah, Operations Manager of Akonta Mining, with three sureties, one of whom must be justified.
Mr. Owusu Bempah is the fifth accused person in an ongoing trial involving Akonta Mining and three others, including the Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi Boasiako, popularly known as Chairman Wontumi. The case centres on alleged illegal mining activities in the Tano Nimiri Forest Reserve.
Although earlier reports suggested that Mr. Owusu Bempah was on the run, his lawyer, Andrew Vortia, told the media that his client voluntarily presented himself to the police about three weeks ago. He was subsequently granted police enquiry bail but was re-arrested on Monday, January 12, 2026, for failing to report as required.
Appearing before the court on Wednesday, January 14, 2026, Mr. Owusu Bempah pleaded not guilty to charges of engaging in mining operations without a licence, abetting the unauthorised felling of trees, and abetting the unauthorised construction of structures within the forest reserve.
The prosecution maintains that Akonta Mining holds valid mining concessions at Samreboi and Abekoase in the Western Region, both located outside the Tano Nimiri Forest Reserve. However, an application by the company to mine within the reserve was rejected. Prosecutors allege that despite this refusal, Chairman Wontumi unlawfully entered the reserve, felled trees, and put up structures without authorisation.
According to the charge sheet, Chairman Wontumi, described as a shareholder representing Akonta Mining, and Edward Akuoko, the company’s General Manager, were arrested and arraigned before the court. Kwame Antwi, another shareholder, and Mr. Owusu Bempah were initially declared at large. While Mr. Owusu Bempah has since been arrested, Kwame Antwi remains at large.
Meanwhile, in November 2025, the state informed the court of its decision to withdraw charges against Edward Akuoko and to use him as a prosecution witness. The prosecution has also indicated plans to amend the charge sheet to formally remove Mr. Akuoko as an accused person.
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Police Arrest Five Suspected Kidnappers, Rescue Two Victims in Nsawam Operation
Police Arrest Five Suspected Kidnappers, Rescue Two Victims in Nsawam Operation
The Nsawam District Police Command has arrested five individuals in connection with the kidnapping of two men travelling from Accra to Anyinam, following a coordinated intelligence-led operation. The victims were rescued safely and are in stable condition.
Police reports indicate that on January 10, 2026, the Command received credible intelligence that the two men had been abducted and moved to an undisclosed location. The suspects allegedly demanded a ransom of GH¢400,000 from the victims’ family and later instructed them to make an initial payment of GH¢5,000.
Acting on the information, officers from the Nsawam District Police, with support from the Suhum Police Command, mounted an operation that led to the arrest of the suspects at a drinking spot near the Suhum Roundabout.
The suspects have been identified as Suleman Salifu, 24; Godfred Owusu, 26; Antwi Bismark, 27; Anas Salis, 38; and Gyamfi Isaac, 33. The victims, Seidu Sambiane, 28, and Ibrahim Alhassan, 42, were rescued during the operation without harm.
A search of an unregistered Acura 4×4 vehicle allegedly used by the suspects resulted in the recovery of several items, including forged GH¢100 and GH¢200 notes, specimen papers cut to the size of currency notes, and an amount of GH¢4,600 in cash. Police also retrieved a pistol, a cutlass, talismans and amulets, as well as five mobile phones.
The suspects are currently in police custody and are assisting with ongoing investigations as police prepare to take further legal action.
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GoldBod Denies Buying Gold from Illegal Miners, Explains Sourcing Process
The Ghana Gold Board, known as GoldBod, has rejected allegations that it buys gold from illegal miners, commonly called galamseyers.
In a set of frequently asked questions released on Monday, January 5, 2026, the board clarified that it does not purchase gold directly from miners. Instead, GoldBod buys gold only through licensed aggregators.
According to the statement, GoldBod’s role as a public corporation is guided by law. Under Section 3(1)(f) of Act 1140, the board is mandated to promote the formalisation of small-scale mining by ensuring responsible sourcing, a sustainable supply chain, full traceability of gold, and compliance with international standards. Another provision, Section 3(1)(g), requires the board to support environmentally responsible and sustainable mining practices.
GoldBod stressed that all gold-buying licenses it issues strictly prohibit licensed buyers from sourcing gold from illegal miners. These conditions, the board noted, are publicly available on its website.
To strengthen oversight and accountability, GoldBod revealed that it is developing a blockchain-based track-and-trace system. The system, which will verify the origin of every gram of gold bought from licensed buyers, is part of efforts to ensure responsible sourcing. The board noted that it has been in operation for only eight months.
The board also pointed to wider government actions against illegal mining, led by the National Anti-Illegal Mining Operations Secretariat, NAIMOS. These efforts have so far resulted in the eviction of illegal miners from nine forest reserves, the revocation of Legislative Instrument 2462 that allowed mining in forest reserves, restrictions on excavator imports, and the arrest and prosecution of offenders.
GoldBod explained that gold has been mined and traded in Ghana for decades without proper traceability. It said the establishment of the board marks the first time a state institution has been tasked with ensuring full value chain traceability within a defined timeframe.
The board dismissed criticism from political opponents, describing such attacks as attempts to discredit its progress in formalising the gold sector.
GoldBod concluded by reaffirming its commitment to ending illegal mining and confirmed that the blockchain track-and-trace system will be rolled out in 2026 after a competitive tender process.
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