Dr. Richmond Atuahene, a Banking Consultant, has expressed concerns regarding the appointment of Tweneboah Koduah Fokuo as the Managing Director (MD) of the National Investment Bank (NIB).
Atuahene has sought clarification from the Bank of Ghana (BoG) regarding Fokuo’s compliance with the minimum requirements for the position.
Additionally, Atuahene has raised questions about whether Fokuo’s appointment adheres to the standards outlined in the BoG’s Fit and Proper Persons Directive.
This directive stipulates criteria such as financial integrity, reputation, academic qualifications, and conflicts of interest as essential prerequisites for such appointments.
The Fit and Proper Persons Directive 2019 from the BoG applies to banks, savings and loans companies, finance houses, and financial holding companies. Part (12) of the directive states: “Directors and Key management personnel shall be assessed for fitness and propriety including; “financial integrity, reputation, academic/professional qualification, experience, conflict of interest, time commitment and collective suitability.”
In a conversation with Citi Business News on Tuesday, Dr Atuahene requested the BoG to verify the approval of NIB’s new MD.
“There’s a fit and proper test which Bank of Ghana ensures that they enforce compliance. What I am saying is that did he pass the fit and proper regulatory framework? So, they should come out and say oh yes we have done it and he has passed it”, he said.
“And I think it will sit well with people. But we sitting out don’t know what they have done. I asked that question about two weeks ago that the fit and proper test must strictly be put to use because it’s all about corporate governance. You tell me he’s got experience but has he been in a managerial position?”
Explore the world of impactful news with CitiNewsroom on WhatsApp!
Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU: https://whatsapp.com/channel/0029VaCYzPRAYlUPudDDe53x
No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital