Bank of Ghana
The Bank of Ghana (BoG) appointed an advisor to the Sovereign Bank Limited to advise the management and to help monitor the Bank’s recapitalization efforts and implementation of governance reforms agreed with the Bank of Ghana in April.
A statement from the BoG said the Advisor would 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.
The statement said, it is important to note that an advisor, unlike an official administrator, 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.
“The Bank of Ghana takes this opportunity to assure depositors and customers of Sovereign Bank Limited that Sovereign Bank remains open for business under the control of the Bank’s own management, and that customers’ deposits are safe.
The statement said, The Bank of Ghana remains committed to promoting a strong and resilient banking sector that retains the trust and confidence of the general public,.
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