BoG might be forced to appoint new directors for HFC

Business News of Saturday, 21 February 2015

Source: myjoyonline.com

Dr Henry Kofi Wampah BoG

Fix your internal wrangling now or I might be forced to step in to appoint new directors to run the bank, that’s the warning coming from governor of Bank of Ghana Dr. Kofi Wampah to the parties involved in the HFC Bank board room saga.

A section of the board of directors at HFC bank are currently challenging the Social Security and National Insurance Trust (SSNIT) — the majority stakeholder in the bank — over moves to reconstitute a new board of directors.

This has resulted in three consecutive postponements of an Extra-ordinary General Meeting (EGM) meant to choose the new directors.

But the central bank will have none of that he governor has hinted he may be forced to crack the whip if the parties keep at the internal wrangling.

“If it comes to a situation where it is clear that there cannot be any agreement between the parties, the central bank has powers to come in and ensure that depositors’ funds are protected”, said Dr Wampah.

He said although intervention by the central bank may not happen anytime soon, if the current impasse at HFC continues the law would take its course.

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