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The Bank of Ghana in April, appointed an advisor to the Sovereign Bank Limited to advise the management and to help monitor the Bank’s recapitalization efforts and implementation of governance reforms agreed with the Bank of Ghana.
A statement from the BoG said the Advisor would 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.
“It is important to note that an advisor, unlike an official administrator, does not take over the powers, responsibilities, and duties of the bank’s shareholders, directors, or management,” the statement said.
Under Act 930, the Advisor may attend meetings of the Board of Directors without voting at such meetings.
“The Bank of Ghana takes this opportunity to assure depositors and customers of Sovereign Bank Limited that Sovereign Bank remains open for business under the control of the Bank’s own management, and that customers’ deposits are safe.
“The Bank of Ghana remains committed to promoting a strong and resilient banking sector that retains the trust and confidence of the general public,” the statement said.
Sovereign Bank was licensed by the Bank of Ghana as a universal bank in January 2016.
As part of its supervisory functions, the Bank of Ghana completed an on-site examination of the Bank in December 2017. The outcome of the on-site examination revealed some governance and capitalization challenges which needed to be addressed.
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