A private legal practitioner, Ace Ankomah, has said that the assets of directors and managers of the seven local banks that collapsed must be seized.

Speaking at the Citi Business Forum Mr Ankomah said the law allows for the lost money to be redeemed by selling their assets.

"The monies that have been lost to the state should be recovered from their assets", adding: "I hope that by now, their buildings, monies, shares in companies, have been seized."

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"If it is the law, we have it, defrauding by false pretences, stealing, corruption, fraudulent breach of trust, the laws exist," he added.

On August 1, 2018, the Bank of Ghana (BoG) revoked the licence of 5 banks and announced the creation of a new bank to absorb all the clients and other liabilities of the defunct banks.

The 5 banks are uniBank, Sovereign Bank, The Royal Bank, The Beige Bank and The Construction Bank. They were merged to form a totally new local bank called Consolidated Bank Ghana (CBG) Limited.

The licences of the banks were revoked due to liquidity challenges.

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Before then, the BoG in 2017 revoked the licences of two other local banks, UT Bank and Capital Bank, and were subsequently taken over by GCB Bank after having been declared "irredeemably insolvent" by the Bank of Ghana.

The Government of Ghana is spending in excess of GHS8 billion in rescuing the seven banks.

Finance Minister Ken Ofori-Atta said recently that the actions of the BoG saved over 50,000 jobs.