I’m Not A Board Member Of Defunct Beige Bank – Prof. Addae

Former Rector of the Ghana Institute of Management and Public Administration (GIMPA), Professor Stephen Addae says he has no hand in the fall of Beige Bank. 

Prof. Addae said he never formed part of the board that oversaw the defunct Beige Bank. According to him, he rather is a board member of the Beige Group and not the bank.  

“I have never been on the board of Beige Bank; I have had nothing to do with Beige Bank in my life. I serve on the board of Beige Group, not the Beige Bank. It’s a matter of checking Google for this. It’s a public notice. I don’t know anything about the Beige Bank,” Professor Addae revealed to Joy Business.

Reacting to the collapse of the five local banks, Professor Addae said the approach by the Central Bank was overly aggressive and out of place. 
The defunct Beige Bank was part of four other local banks that were merged to form the new Consolidated Bank of Ghana (CBG).

According to the BoG: “Beige Bank was granted provisional licenses in 2016 and launched in 2017.

Subsequent investigations conducted by the Bank of Ghana revealed that similar to the case of Sovereign Bank, both banks obtained their banking licenses under false pretences through the use of suspicious and non-existent capital, which has resulted in a situation where their reported capital is inaccessible to them for their operations.”

Meanwhile, the Institute of Chartered Accountants, Ghana (ICAG) says it has begun an enquiry into the role of auditors in the collapse of the seven banks. 
ICAG says it will take appropriate action against members who are found culpable in the collapse of these banks.

In a statement, ICAG said it “has noted with great concern the current developments in the banking industry with particular reference to the collapse of seven banks. 

The Council of the Institute wishes to assure the general public that the Institute has a formalized procedure to handle complaints against its members.” 

ICAG said, “the Professional Standards and Ethics Committee of the Institute, in line with its mandate, has initiated the necessary enquiries on the matter and that an appropriate action will be taken if merit to the complaint is established.”