Board of Biriwa Community Bank replaced with IMC

Biriwa (C/R), Sept. 24, GNA - The dissolution of the Board of the Biriwa Community Bank by the Bank of Ghana (BOG) is not the result of embezzlement or insolvency, the Reverend George Mills-Graves, Chairman of the Interim Management Committee (IMC), has said.

Speaking in an interview with the Ghana News Agency at Biriwa on Tuesday, he said it was part of measures to streamline the administration of the Community Bank and urged customers and shareholders to disregard rumours that the financial institution was facing liquidity problems.

He stressed the determination of the BOG to make the Community Bank one of the best in country and assured customers of the safety of their investment and deposits saying, "Your monies are in safe hands". Rev Mills-graves explained that the measure by the Central Bank would inject additional capital into the bank through prudent banking practices.

The IMC Chairman expressed concern about the poor loan recovery of the bank and appealed to defaulters to settle their debts to avoid embarrassment.

He said stringent measures including prosecution would be instituted to recover outstanding loans.

The IMC Chairman commended the African Development Foundation (ADF) and UNDP Micro-Start for investing in the bank's micro financing programme.

He gave the assurance that the IMC would ensure proper accountability of investment in the bank.