The news comes after the central bank hinted in a press statement dated 4th January that it has appointed an Advisor has been appointed for the bank.
A statement released by the Bank of Ghana today [25th January, 2019] and sighted by Citi Business News said it took the decision Pursuant to section 101 of the Banks and Specialised Deposit-Taking Institutions Act of 2016 .
Mr. Addo is expected to help restructure NIB through governance and management reforms as well as streamlining its business model to help refocus it as a bank to industrialisation.
He will 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 pointed out that that an Advisor 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.
In the statement, the Bank of Ghana also assured that depositors and customers of NIB are safe to do business and that the bank remains open for business under the control of the bank’s own management, and that customers’ deposits are safe.
Mr. Addo is the immediate past Country Senior Partner of PricewaterhouseCoopers, Ghana and a former member of the PwC Africa Governance Board.
He has more than 30 years of practice and consulting experience in restructuring and insolvency, corporate finance and recovery, financial and forensic auditing, arbitration, corporate governance, organisational restructuring and performance improvement engagements in both developed and developing economies.
He currently chairs the Board of Directors of Guinness Ghana Limited, and serves on other Boards.
He is the President of the Ghana Association of Restructuring and Insolvency Advisors (GARIA).
He belongs to other professional bodies including the Institute of Chartered Accountants (ICA), 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 an MA in Professional Accounting from Loyola College of Maryland, USA. He was honoured with a D.Sc (h.c) in July 2018 by the University of Mines and Technology, Tarkwa.
The Bank of Ghana remains committed to promoting a strong and resilient banking sector that retains the trust and confidence of the general public.