Prof Joshua Alabi Chairs HFC Board Of Directors

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By Cecil Mensah

The Managing Director (MD) of HFC Bank and the Board Chairperson, have both retired from the bank with effect from today.

The Board Chair, Madam Muriel Susan Edusei and the MD, Dr Asare Akufo, have been replaced by Prof Joshua Alabi, the Vice Chancellor of the University of Professional Studies (UPSA), with Mr Osei Asafo Adjei, who formally was an Executive Director on the HFC Board as the Acting MD.

Madam Edusei, did not seek reelection as Board Chair, hence the election of Prof Alabi as the new Board Chairman of the country’s leading bank in the mortgage industry.

The Managing Director for the past ten years, formally announced his resignation at the Annual General Meeting (AGM) of the bank in Accra.

The MD ,decided to start his annual leave prior to his retirement in June 30, 2015.

The MD ,has been a pioneer management staff of HFC Bank, the company which started in 1990 as a specialised mortgage lender to workers as part of a World Bank project to provide affordable housing to the working class.

Mr Akufo, was the Financial Controller and Finance Director before assuming the leadership in July,2005, when the bank was granted license by the Bank of Ghana(BoG) to operate as a universal bank.

Mr Akufo, who will be sixty years next year, is credited with establishing HFC firmly in the very competitive banking sector of the economy.
Speaking at the AGM, he said HFC has become one of the respected banks in the country with focus on Small and Medium Enterprises (SMEs) and retail banking.

Mr Akufo, also served as President of Ghana Association of Bankers from 2010 to 2014 and later became the Chairman of the Private Enterprise Federation from 2009 to date.

In recognition of his achievements, the Kwame Nkrumah University of Science and Technology (KNUST) awarded him a honorary Degree in 2013.

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