Alleged 'political interference' rocks Ghana International Bank

A governance dispute has erupted at UK-based Ghana International Bank PLC (GhIB) after its board, controlled by the Government of Ghana through the Bank of Ghana, removed Chief Executive Officer Dean Adansi with immediate effect on Monday.

GhIB was established in 1959 as the London branch of Ghana Commercial Bank, two years after Ghana's independence.

The Bank of Ghana holds more than 50 percent of the bank's shares, with the remainder owned by Ghanaian financial institutions, including GCB Bank, SSNIT and ADB. The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, serves as Chairman of the Board.

Once on the brink of failure and placed on a regulatory watchlist by UK authorities in 2016, GhIB has since rebuilt its balance sheet under Adansi's leadership.

CEO dismissed "without stated reasons", sources say

Adansi was appointed CEO in 2019 and approved by the UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) as SMF1 Chief Executive under the Senior Managers and Certification Regime (SMCR).

According to sources, there is a broad consensus among clients and employees that Adansi has been a highly effective CEO, receiving positive assessments from the board.

However, on June 8, 2026, a brief statement from the board announced his immediate departure.

Adansi subsequently emailed senior staff confirming his exit and referencing what appeared to be recent internal frustrations.

In his farewell message, he highlighted GhIB's turnaround during his tenure.

"We grew trade revenues by over 300% and maintained a clean loan book with a strong LCR and CAR. We reached our goal of $100 million in revenues in five years and we're looking forward to doubling the size of the business in another five years, while managing our modest capital closely."

He also praised frontline staff "who have led us to the point of recovery" and said the board had approved a strategy focused on non-interest income, funding diversification and modernisation.

New CEO appointed with immediate effect

In the communication announcing Adansi's departure, the board also named Ian Greenstreet Owulakwao as the new CEO with immediate effect.

The communication further stated that Adansi had "assumed leave", a move senior bank officials reportedly described as "shocking and unusual".

Questions over PRA and FCA compliance

Banking lawyers and corporate governance experts say the process raises questions under PRA and FCA rules governing Senior Management Functions.

Under the FCA Handbook SUP 10C.10, a firm must submit a Form C to the FCA within seven business days of a senior manager's departure, setting out the reasons for the exit. If a dismissal relates to issues of "fitness and propriety", SUP 10C.11 and FIT 2.2 require immediate notification.

For new appointments, SUP 10C.9 requires FCA approval following a fit-and-proper assessment before an individual can perform SMF1 duties. Acting as CEO without FCA approval could expose both the institution and individuals involved to regulatory sanctions.

As of June 10, 2026, Companies House still listed Dean Adansi as an active director of Ghana International Bank plc, suggesting that the change had not yet been formally filed.

Bank exposed to legal challenge, political motives alleged

Industry experts and market practitioners have indicated that dismissing Adansi without publicly stated reasons could result in reputational damage and potentially expose the bank to legal challenges.

Having only recently emerged from a Voluntary Business Restriction imposed by UK regulators and a Section 166 Skilled Person Review, also ordered by regulators, the bank could now face heightened regulatory scrutiny and potential sanctions.

Several senior staff members and at least two directors are reported to have expressed shock at the decision to remove a CEO whom the board had previously rated highly. Some attributed the move to political interference, something they say UK regulators generally view unfavourably.

Questions have also been raised about the speed of the decision and whether due process was followed, prompting speculation about the motives behind the dismissal.

Some sources within the institution have alleged that the government may be seeking to dispose of its stake in the bank to a private investor and that Adansi's removal was linked to those plans. However, no evidence has been publicly provided to substantiate those claims.

Neither GhIB nor the Bank of Ghana had publicly commented on the dismissal or the appointment of the new CEO at the time of publication. The FCA also does not comment publicly on individual firms or specific cases.