BOST Board Chair steps down over Sovereign Bank collapse

24 August 2018 at 16:00

In a letter addressed to the Energy Minister, Mr Kyei said that he has decided to resign due to the media uproar following the collapse of the 5 banks.

M
Magdalene Teiko Larnyoh

The Board Chairman of the Bulk Oil Storage and Transportation Company (BOST) Kwame Acheampong Kyei has resigned from his position after Sovereign Bank collapsed.

“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.”

On August 1, 2018, the Bank Of Ghana (BoG) revoked the license of 5 indigenous banks.

The Sovereign Bank was one of five which were merged into Consolidated Bank Ghana over regulatory breaches.

Mr Kyei resigned as the Board Chairman of the defunct Sovereign Bank prior to the revocation of its license by the Bank of Ghana.

Mr Kyei assumed the position of the chairman of the board of BOST in September 2017 but he came under pressure to resign following the scandal which hit Sovereign Bank.

Below is his full resignation letter:

M
Magdalene Teiko Larnyoh