Collapse Of Sovereign Bank: BOST Board Chairman Resigns

Board Chairman of the Bulk Oil Storage and Transportation Company (BOST) has resigned from office over the collapse of Sovereign Bank, one of five banks the Bank of Ghana shut down recently over breach of banking regulations.

Kwame Acheampong Kyei resigned as the Board Chairman of the now defunct Sovereign Bank shortly before the revocation of operating licence by the central bank.

Mr Kyei stated in a letter dated August 22 and addressed to President Addo Dankwa Akufo-Addo that “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.”

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