BoG Packaging NIB For Sale

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Togbe Afede Influence Slashed

Dr Ernest Addison                            Togbe Afede XIV

Dr. Ernest Addison                                                                    Togbe Afede XIV

Government is deploying a backdoor approach towards cutting down the influence of the President of the National House of Chiefs and the Agbogbomefia of the Asogli State in the Volta Region, Togbe Afede XIV, who is also the Board Chairman of the National Investment Bank (NIB).

The government has through the Bank of Ghana (BoG)  appointed Felix E. Addo, as an advisor for NIB to help improve the affairs of the bank, which according to reports, the government intends to sell.

Mr Felix E

Mr. Felix E. Addo

Many private companies, including some linked to the Finance Minister Ken Ofori-Atta, have expressed interest in acquiring the state-owned bank.

This appointment is seen as a subtle attempt towards realizing this objective of selling the bank.

The appointment is pursuant to section 101 (1) of the Banks and Specialised Deposit-Taking Institutions Act of 2016 (Act 930).

Mr Addo, until his appointment is the immediate past Country Senior Partner of Price water house Coopers, Ghana and a former member of the PwC Africa Governance Board.

Mr Addo has more than 30 years of practice and consulting experience in restructuring and insolvency, corporate/project finance and recovery, financial and forensic auditing, arbitration, corporate governance, organisational restructuring and performance improvement engagements in both developed and developing economies.

He currently chairs the Board of Directors of Guinness Ghana Limited and serves on other Boards. He is the President of the Ghana Association of Restructuring and Insolvency Advisors (GARIA).

He belongs to other professional bodies, including the Institute of Chartered Accountants (ICA), Ghana, and the American Institute of Certified Public Accountants (AICPA).

Mr Addo holds a B.Sc. (Hons) Administration from the University of Ghana, Legon and an MA in Professional Accounting from Loyola College of Maryland, USA. He was honoured with a D.Sc (h.c) in July 2018 by the University of Mines and Technology, Tarkwa.

He is expected to help restructure NIB through governance and management reforms as well as streamlining its business model to help refocus it as a bank to industrialisation.

“He will stay in the bank until otherwise advised by the Bank of Ghana and will furnish the Bank of Ghana with a status report on the bank as frequently as the Bank of Ghana may require,” a statement issued by the Central Bank said Friday.

“It is important to note that an Advisor does not take over the powers, responsibilities, and duties of the bank’s shareholders, directors, or management. Under Act 930, the Advisor may attend meetings of the Board of Directors without voting at such meetings,” added the statement.

 

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