BoG's Caroline Otoo Heads New Ethics Office

Secretary to the Bank of Ghana Board, Caroline Otoo, is heading to the new Ethics and Investigative Office of the Central Bank as its head.

This is part of ongoing restructuring at the Central Bank.

However, sources say this has nothing to do with the recent collapse of five banks and reports that some officials at the Bank of Ghana might have been compromised in terms of their supervision of these defunct banks.

Why the movement?
Sources say the move is part of measures to strengthen supervision of banks in the country and the BoG’s own internal workings.

Why Madam Otoo for the office?
Madam Otoo’s move has basically got to do with her background and experience.

Persons with knowledge of the Bank of Ghana’s works, say she is the right person for the job looking at the fact that she is a seasoned lawyer and has an extensive experience of chairing the disciplinary committees.

She is expected to be supported by an experienced team to help investigate the background and auditing background as well ethics of officials at the Bank of Ghana. Madame Otoo’s appointment is expected to take effect from next month.

Mrs Otoo has served as a Secretary at Bank of Ghana and also Head of Legal Department since August 06, 2012.

She also served as Non-Executive Director at Agricultural Development Bank Limited since September 6, 2013, until July 31, 2017.

Mrs Otoo holds LLB (Hons) Degree from the University of Ghana, BL from the Ghana School of Law and Advanced Diploma in Legislative Drafting from the University of West Indies.

Who takes over the Secretary to the board position?

Her position as Board Secretary is expected to be taken over by Madam Frances Sackey.

The Ethics and Investigative Office is expected to strengthen good governance within the Bank and to promote the highest standards of ethical conduct commensurate with the Bank’s mandate.

The Office will investigate all allegations of misconduct by staff including any role in respect of the collapse of the defunct banks.

It is therefore that staff found culpable will be dealt with in accordance with the BoG’s Human Resource policies, and referred to law enforcement agencies, if necessary.

JoyBusiness is also learning that some other major changes are expected at the Bank of Ghana from September this year.