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Company News from Saturday, January 26, 2019
Source: 3news.com
2019-01-26
Felix Addo
The Bank of Ghana (BoG) has appointed Felix E. Addo as adviser to the National Investment Bank (NIB) to help improve its business.
Mr. Addo's appointment complies with Article 101 (1) of the Banks and Special Deposit Institutions Act, 2016 (Law 930).
It should help restructure the NIB through governance and management reforms, as well as streamline its business model in order to refocus it as a bank focused on industrialization.
He will act as adviser until the BoG decides otherwise and, as part of his mandate, will provide the central bank with frequent status reports on the NIB.
Mr. Aidoo is the former senior partner of Price Water House Coopers in Ghana and has been a member of the PwC Africa Governance Council.
He has over 30 years of practice and consulting experience in the areas of restructuring and insolvency, corporate / project finance and collections, among other specialty areas.
Mr. Aidoo holds a B.Sc. (Hons) Administration from the University of Ghana, Legon and a Masters in Professional Accounting from Loyola College of Maryland, USA.
Although Mr. Aidoo is authorized to attend Board meetings, he can not vote at meetings under Law 930.
"It is important to note that an advisor does not badume the powers, responsibilities and duties of the shareholders, directors or management of the bank," the BoG said.
The Bank of Ghana has also badured depositors and NIB clients that the fund is open and that their deposits are safe.
The BoG also stated that it was determined to promote a strong and resilient banking sector, which retains the trust of the general public.
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