Statement: “Mr. President, Sack The Board Chairman Of BOST, Dr. Kwame Acheampong -Kyei Without Delay’’ – ACID-Africa

A PRESS CONFERENCE BY AFRICA CENTRE
FOR INTEGRITY AND DEVELOPMENT (ACID-AFRICA) HELD ON WEDNESDAY 15TH AUGUST, 2018 AT THE INTERNATIONAL PRESS CENTRE, ACCRA.

Good morning, Ladies and Gentlemen of the Print and Electronic Media, and all invited Guests.

The Africa Centre for Integrity and Development (ACID), an Anti Corruption Advocacy Civil Society Organization is by this Press Conference, urgently calling on His Excellency President Nana Addo Dankwa Akufo-Addo, to sack without delay, as he recently did in the
case of the Minister for Energy, the current Board Chairman of the
State-owned Bulk Oil Storage and Transportation Company Limited
(BOST) Dr. Kwame Acheampong – Kyei for his Sovereign Bank’s complicity in the fraud perpetuated at the Bank of Ghana (BoG) in acquiring licence to operate as a universal or commercial bank which
is in flagrant violation of the laws of Ghana.

Ladies and Gentlemen, the Tax payers GH¢21 million granted to the
Bank as liquidity support would have happened, but for the non￾existent capital the stakeholders, including Dr. Acheampong-Kyei deceptively and falsely presented to Bank of Ghana that the GH¢120 million capital required actually existed at the time.

Dr. Kwame Acheampong–Kyei, according to information available in
the public domain, owns about 51% shares in Sovereign Bank

Limited, and was its Board Chairman, until March 2018 when he quickly resign after he had realised that the Bank’s criminal scheme to defraud the nation and the poor Depositors had almost come to a head, and quickly resigned as the Board Chairman of the Bank.

It did not come as a surprise, when Sovereign Bank was listed among
four other Banks currently in receivership by the Bank of Ghana for
being insolvent and therefore unable to meet its daily liquidity obligations when it was due, as well as their inability to publish audited accounts for 2017 financial year in violation of section 90(2)
of ACT 930.

Your Excellency Mr. President, it is needful to state that, these acts
perpetuated by the Three Banks namely, Sovereign Bank, Bank of Construction and Beige Bank, is criminal, scandalous, fraudulent,unethical and a prosecutable offences, thereby making each of the major shareholders, the Board Chairmen and the promoters culpable and unfit
for any higher position in Public Office. It is in this direction that we are calling on His Excellency the President to immediately sack Dr. Kwame
Acheampong-Kyei from the Chairmanship position of the Board of BOST.

By the clear indictment of Dr. Kwame Acheampong-Kyei in such criminal
act of high magnitude, he obviously is not fit to continue being the Board
Chairman of such a highly sensitive National Security installation like the
BOST. Clearly, Dr. Acheampong-Kyei has impaired his integrity and should
be shown the exit, since he is not doing the honourable thing to resign from
BOST as Board Chairman.

Similarly we are using this platform to commend and salute the present
Governor of Bank of Ghana for exposing these fraudulent activities that
have been going on in our financial sector for some years now. Like Oliver
Twist, we are asking the Governor and his management together with other
relevant law enforcement agencies such as EOCO and the Attorney General to take the necessary steps to prosecute these shareholders, Board Chairmen both present and past, and the promoters who perpetuated these criminal and fraudulent acts, to serve as deterrent to others.

We, however cannot forget the role played by external auditors of these
collapsed banks, and therefore call on the institute of Chartered Accountants (Ghana) to investigate their members who served as auditors of these banks, and bring them to book and possibly withdraw their licences.

Ladies and Gentlemen, It is also prudent to note that we have sighted a
letter issued by the Solicitors of Dr. Acheampong-Kyei warning the general
public against making comments against their client that may suggest that
he had indulged himself in criminal or fraudulent activity as a result of his
role in Sovereign Bank. We are challenging his Solicitors that we will never stop publishing same and are prepared to meet them in any court of
competent jurisdiction.

We are drawing his Solicitors attention to the fact that, his resignation in
March, 2018 as Board Chairman of Sovereign Bank does not exonerate him
from any criminal liabilities involved in the acquisition of the license under
false pretences as a shareholder and a Board Chairman who superintended
all Board meetings involving all the major decisions taken as a Board to
steer the affairs of the Sovereign Bank. Indeed he is also accountable for
the failure to publish the 2017 audited accounts in violation of the established law of Bank of Ghana. We are therefore advising the Solicitors to challenge the veracity of the statement published by Bank of Ghana and leave the public and media alone since their strategy to stop meaningful Ghanaians and the media to discuss such a serious matter of national interest will not succeed.

Your Excellency Mr. President, we applaud your great determination to
clean our governance system and the beloved country of corruption; you
have shown the will and the grit to hire and fire, and we are asking you
with all humility, in the interest of your government and Ghana, to sack
Dr. Kwame Acheampong-Kyei from his present position as Board Chairman
of BOST without further delay.
Ladies and Gentlemen of the Press, this is Africa Centre for Integrity and
Development’s stands on the issue of the collapse banks, vis-a-vis Dr.
Kwame Acheampong-Kyei. We rest our case and wait for any questions and
comments from you.
Thank you.