Head of Finance Department at the University of Ghana Business School, Dr. Godfred Bokpin wants the board of directors and the Managing Director of Agricultural Development Bank (adb) to step aside.
[contextly_sidebar id=”p2zRQ8rSrSsCYWRW0XrgE86F0doNVx4a”]This, he said is to allow the Bank of Ghana (BoG) to investigate allegations of financial malfeasance and conflict of interest against them.
The bank’s MD, Stephen Kpordzih and board members have been accused by the Union of Industry, Commerce and Finance Workers (UNICOF) of presiding over corrupt practices at the bank and has called for their removal.
The Bank of Ghana is to set up a committee to investigate these allegations.
In an interview with Citi News, the banking and financial analyst stressed that it is only proper corporate practice for the board and MD to stay away as investigations into their operations commence.
“The ideal thing would have been for the board or some of the people who have been identified to step down for the best interest of the company,” he remarked.
According to him, there are a lot of arrangements in the system which does not really sit well with best practices “but I think that it should be possible [for them to step aside] given the fact that the matter has left the board room.”
Dr. Bokpin observed that there is a growing trend in Ghana in which shareholders have relinquished their duties to workers to fight on their behalf when managers of organizations are accused of mismanagement.
“What is even interesting in corporate governance is that it’s rather the shareholders who should be agitating for good corporate governance practices…but now you find workers rather fighting the fight of shareholders, asking relevant questions, probing and all of that,” he said.
He added that when insiders begin to release classified information to the general public, “there is really an issue which cannot be overlooked.”
By: Efua Idan Osam/citifmonline.com/Ghana
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