BOST board chair resigns over Sovereign Bank collapse

The board Chairman of the Bulk Oil Storage and Transportation Company (BOST) Kwame Acheampong Kyei has resigned over the collapse of Sovereign Bank.

The bank was one of five which were merged into Consolidated Bank Ghana over regulatory breaches.

“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,” Mr. Kyei stated in the letter addressed to the Energy Minister.

He resigned as the Board Chairman of the defunct Sovereign Bank prior to the revocation of its license by the Bank of Ghana.

Mr Kyei assumed the position of the chairman of the board of BOST in September 2017 but he came under pressure to resign following the scandal which hit Sovereign Bank.

Below is his full resignation letter:

Source: Ghana/