Why appoint MP aspirant to head a struggling state Bank? – Bright Simons asks

Vice President of IMANI Africa, Bright Simons has questioned the rationale in appointing a parliamentary Candidate for the 2024 election to manage a financially troubled fright state Bank.

Mr. Tweneboa Kodua Fokuo, who has recently being appointed Managing Director of the National Investment Bank (NIB), is the Parliamentary Candidate for governing New Patriotic Party’s (NPP)  in the Manso Nkwanta Constituency in the Ashanti Region.

Mr Fokuo appointment takes effect on Monday,13th  May as he takes over from Mr. Samuel Sarpong, who has led the NIB since 2019.

“In addition, Mr. Philip Ofori-Asante has been nominated as Deputy Managing Director, following in Mr. Fokuo’s footsteps. Mr. Ofori-Asante brings considerable banking expertise, and we look forward to introducing him to the team at the appropriate time”.

“Rest assured, the restructuring and transformation efforts we’ve initiated will persist under Mr. Fokuo’s capable leadership. With the invaluable guidance of the Board and Mr. Fokuo’s vision, working closely with Management, we anticipate a seamless transition and ongoing progress” a memo sent to the staff of the Bank explained.

Bright Simons in his X post expressed shock as to how and why the Bank of Ghana would appoint a Parliamentary Candidate to be the CEO of a struggling bank in an election year.

He said “Instead of bringing a turnaround specialist to fix it, Ghana govt promotes an MP aspirant who will be campaigning in 2024 as the new CEO!”.

Read his full post below;

“You have a state-owned bank that has been struggling for years. It does not have enough capital & could have been shut down if it was private. Instead of bringing a turnaround specialist to fix it, Ghana govt promotes an MP aspirant who will be campaigning in 2024 as the new CEO!”

Brief profile of Mr. Tweneboa Kodua Fokuo:

Mr. Tweneboa Fokuo is currently the Deputy Managing Director of the Bank. He is a highly experienced Banker with a strong grasp of Risk Management, covering a broad spectrum of Commercial, Corporate and Investment Banking as well as Country Risk Management.

Mr. Fokuo has had a rich banking career having worked with Barclays Bank, Ghana since 2008. At Barclays, he played various roles in the Risk Management fraternity, and rose steadily to the position of Assistant Vice President.

He also served as the Country Risk Champion for Barclays Ghana, reporting to the Group’s Country Risk Teams in London and Johannesburg. He left Barclays Bank, Ghana in January 2016, and joined First National Bank Ghana Ltd; a subsidiary of FirstRand Bank of South Africa as Head of Credit Risk.

Mr. Tweneboa Kodua Fokuo holds a BSc. Degree in Natural Resources Management from the Kwame Nkrumah University of Science and Technology (KNUST); an MBA in Finance from the University of Wales, UK; and an Advanced Commercial Credit Risk Certificate from the IFS School of Finance, UK.

 Filed By: Agaatorne Douglas Asaah / awakenewsroom.com