The Bank of Ghana (BoG) will soon commission a team of auditors to look into the operations of UT and Capital Banks.

This is part of the Central Banks processes of investigating the collapse of the two indigenous banks.

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The Head of Banking Supervision at the Bank of Ghana, Raymond Amanfu told Accra-based Citi FM that; “we have not sent any auditor there what we have said is that we are in the process of sending a team which includes chartered accountants, lawyers, and bankers. The Governor said there will be an investigation, we have to get approval from public procurement before we can start because this is a very sensitive issue, not something that you go through public tender.”

“If you are doing sole sourcing you have to get regulatory approval so we are waiting and when we get regulatory approval it will commence,” he added.

After the collapse and subsequent takeover of UT and Capital Banks, the Governor of the BoG, Dr Ernest Addison said that an investigation will be conducted and all guilty persons will be dealt with according to the law.

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Already some accounts of key officials have been blocked and some directors have also been asked to step aside as investigations continue.

Amanfu said he was hopeful the investigation will be completed within the next three months.

“The initial time period we have given ourselves is a maximum of three months. But if it requires more time we believe those appointed will get back to us for more time if need be.”

The Bank of Ghana on Monday (August 14, 2017) granted permission to GCB Bank to purchase UT Bank and Capital bank because the two banks were unable to increase their cash requirement need for their banking operations.