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Felix E. Addo is appointed adviser to the National Bank of Investment
The Bank of Ghana has appointed Felix E. Addo, a former senior partner of PricewaterhouseCoopers in Ghana, an adviser to the National Investment Bank (NIB).
The central bank had early announced the appointment of a councilor without much detail about his identity.
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In a press release issued on Friday, however, the bank of Ghana details the career, experience and status of Mr. Addo and badures NIB's depositors and clients that the bank remains open to business under the management control of the bank and that customer deposits are safe.
The central bank defines Addo's role as "helping to restructure the NIB through governance and management reforms, as well as streamlining its business model to help it refocus as a business." as a bank focused on industrialization. It will remain in the bank until otherwise advised by the Bank of Ghana and will provide the Bank of Ghana with a progress report on the bank as often as the Bank of Ghana will require.
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"It is important to note that an advisor does not badume the powers, responsibilities and duties of shareholders, directors or management of the bank. Under Law 930, the advisor may attend meetings of the board of directors without voting at such meetings, "said the Board of Governors.
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Below the complete statement of the BoG
Appointment of an Advisor for the National Investment Bank (NIB)
According to its press release of 4 January 2019, the Bank of Ghana reported that an advisor had been appointed for NIB to advise the bank's management with a view to contributing to the improvement of its business. This press release is intended to provide additional details about the appointment.
Pursuant to Section 101 (1) of the Specialized Banks and Depository Institutions Act, 2016 (Law 930), the Bank of Ghana has appointed Mr. Felix E. Addo as NIB Counselor.
Mr. Addo is the former senior partner of PricewaterhouseCoopers in Ghana and a member of the governance board of PwC Africa. Mr. Addo has more than 30 years of practice and experience in the areas of restructuring and insolvency, project / business financing and recovery, financial and judicial control, credit and investment. arbitration, corporate governance, organizational restructuring and performance improvement in developed and developing economies.
He currently chairs the board of directors of Guinness Ghana Limited and sits on other boards.
He is President of the Association of Restructuring and Insolvency Counselors of Ghana (GARIA) and is a member of other professional bodies, including the Institute of Chartered Accountants (ICA) of 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 a Masters in Professional Accounting from Loyola College of Maryland, USA. He received a PhD in Science in July 2018 from the University of Mining and Technology Tarkwa.
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 for industrialization. It will remain in the bank until otherwise advised by the Bank of Ghana and will provide the Bank of Ghana with a progress report on the bank as often as the Bank of Ghana will require.
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. Under Law 930, the advisor can attend board meetings without voting at these meetings.
The Bank of Ghana is taking this opportunity to badure NIB's depositors and clients that the bank remains open for business, under the control of the bank's management, and that its deposits are secure.
The Bank of Ghana remains committed to promoting a strong and resilient banking sector that maintains the confidence of the general public.
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