BOST Board Chair resigns over collapse of Sovereign Bank

Board Chairman of the Bulk Oil Storage and Transportation Company, BOST has resigned from office over the collapse of Sovereign Bank.

Sovereign Bank is one of five banks the Bank of Ghana shut down recently over breach of banking regulations.

Kwame Acheampong Kyei resigned as the Board Chairman of the now defunct Sovereign Bank shortly before the revocation of operating licence by the central bank.

Kwame Acheampong Kyei stated in a letter dated August 22 and addressed to President Addo Dankwa Akufo-Addo that “in view of the recent developments relating to my association with the purchase and assumption of Sovereign Bank, and the resulting unfortunate furore in the media I have decided to voluntarily step down as Chairman/Member of the Board of BOST for the time being.”

Kwame Acheampong Kyei was inaugurated as Chair of a nine-member Board of Directors of BOST in September, but, in the wake of the Sovereign Bank scandal, there were calls for him to step down.

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

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

Meanwhile, Kwame Acheampong Kyei in his letter of resignation explained that he was leaving his post at BOST "in order to save Government and BOST what is unfortunately distractive adverse commentary and propaganda in sections of the media."

He , however, clarified: "for the record, this resignation is not an admission of any complicity and/or wrongdoing or whatsoever."

Ghana News: Latest news in Ghana