Sack the Board chairman of BOST - ACID Ghana

By Hagar Ofosua

The Africa Centre for Integrity and Development (ACID-GHANA), has called on President Akufo-Addo to sack the Board chairman of the Bulk Oil Storage and Transportation (BOST), Dr. Kwame Acheampong-Kyei.

Dr. Kwame Acheampong-Kyei was a former Board chairman of the defunct Sovereign Bank and is currently serving as the Board chairman of the Bulk Oil Storage and Transportation(BOST).

 A statement from ACID GHANA is accusing Dr. Acheampong-Kyei of his involvement in the alleged fraud that led Sovereign bank to gain their License under false pretense and subsequently its collapse.

Read Also:BREAKING: BoG collapses 5 banks into Consolidated Bank Ghana Ltd

“The taxpayers GH₵ 21million granted to the Bank as liquidity support would not have happened but for the non-existent of the stakeholders including Dr. Kwame Acheampong-Kyei who deceptively and falsely presented to the Bank of Ghana that the 120million capital required actually existed at the time.”

According to(ACID-GHANA), the Board chairman of BOST owns about 51% shares in Sovereign Bank and was Board Chairman of the defunct Sovereign Bank until he resigned in March 2018.

The statement further noted the Board chairmen of the Collapsed banks played a major role in the collapse of the banks hence, Dr. Kwame Acheampong-Kyei must be sacked.

Read Also: Beige, Construction, & Sovereign Banks operations were illegal – BoG

“Dr. Kwame Acheampong-Kyei is not fit to continue being the Board Chairman of such a highly sensitive National security Installation at BOST.”

The statement, however, commended the Bank of Ghana for exposing the fraudulent activities that have been going on in the financial sector.


There have been recent reports that claim Mr. Acheampong-Kyei who is the Board Chair of the Bulk Oil Storage and Transport (BOST) Board Chairman engaged in some underhand dealings which led to the collapse of the bank.

This was after the Bank of Ghana withdrew the license of the Sovereign Bank together with four others and merged the five banks into the Consolidated Bank Ghana. The four other banks are Beige Capital, Unibank, Royal Bank and Construction Bank. There have been calls for the Directors of the failed banks to be prosecuted.
In the wake of the controversy, Dr. Kwame Acheampong-Kyei has been drawn in with many calling for his prosecution.

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