The Bank of Ghana has frozen the bank accounts of the directors and managers of the now defunct UT and Capital Banks.

This was disclosed by the Head of Banking Supervision at the Bank of Ghana (BoG), Raymond Amanfu.

He told Accra-based Joy FM that they did this to help investigate the transactions of the bosses of these banks.

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“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.

He added that this action will help them determine if there were any unusual transactions.

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According to Amanfu if they detect any unusual transaction, an investigation will be carried out further to find out if they in any way caused the collapse of UT and Capital banks.

The Bank of God withdrew the licences of the two banks on Monday (August 14, 2017) and GCB Bank subsequently took over transfers of all their deposits and selected assets after a purchase agreement.