Accra: The government of Ghana has denied reports that the Bank of Ghana (BoG) plans to sell Ghana's controlling stake in the London-based Ghana International Bank (GHIB). The denial follows allegations made by IMANI Africa Vice President, Kofi Bentil, regarding the supposed sale.
According to Ghana Web, the controversy began last week after reports emerged that GHIB's board had asked its Chief Executive Officer to step down, without publicly stating the reasons for the decision. Some reports linked the CEO's departure to his alleged opposition to a proposed sale of Ghana's shares in the bank.
Kofi Bentil amplified the claims on social media, criticizing what he described as a series of questionable financial decisions by the Bank of Ghana. He mentioned previous actions such as the sale of 18 tons of gold and a failed sale-and-leaseback of the BoG office, suggesting these were missteps preceding the alleged plan to sell Ghana's shares in GHIB.
Responding to the allegations, Beatrice Annan, a presidential staffer and member of the Bank of Ghana Board, dismissed the reports as false. She urged the public to disregard what she termed as "fake news" and reassured them of the stability of the government's position regarding GHIB's ownership.
Despite the denial from the presidential staffer and BoG board member, the Bank of Ghana has not yet issued an official statement regarding either the reported dismissal of the GHIB CEO or the alleged plan to sell Ghana's shares in the bank. The silence has left some questions unanswered, especially concerning the bank's future direction.
In a follow-up post, Bentil acknowledged the government's denial but raised fresh questions about GHIB's funding arrangements. He inquired about a purported $100 million loan from the World Bank and its implications for GHIB, suggesting that more transparency is needed on the issue.
GHIB, established in 1959, plays a key role as a correspondent bank for Ghanaian banks and businesses engaged in trade with the United Kingdom and other international markets. Ghana's stake in the bank is considered strategic, particularly for supporting foreign exchange transactions and trade finance.