BoG appoints former PWC partner as NIB advisor

The Bank of Ghana has appointed Felix E. Addo as an advisor for NIB to help improve the affairs of the bank.

The appointment is pursuant to section 101 (1) of the Banks and Specialised Deposit-Taking Institutions Act of 2016 (Act 930).

Mr Addo until his appointment is the immediate past Country Senior Partner of PricewaterhouseCoopers, Ghana and a former member of the PwC Africa Governance Board.

Mr Addo has more than 30 years of practice and consulting experience in restructuring and insolvency, corporate/project finance and recovery, financial and forensic auditing, arbitration, corporate governance, organisational restructuring and performance improvement engagements in both developed and developing economies.

He currently chairs the Board of Directors of Guinness Ghana Limited and serves on other Boards. He is the President of the Ghana Association of Restructuring and Insolvency Advisors (GARIA). He belongs to other professional bodies including the Institute of Chartered Accountants (ICA), Ghana, and the American Institute of Certified Public Accountants (AICPA).

Mr Addo holds a B.Sc. (Hons) Administration from the University of Ghana, Legon and an MA in Professional Accounting from Loyola College of Maryland, USA. He was honoured with a D.Sc (h.c) in July 2018 by the University of Mines and Technology, Tarkwa.

Felix E. Addo

He is expected to help restructure NIB through governance and management reforms as well as streamlining its business model to help refocus it as a bank to industrialisation.

“He will stay in the bank until otherwise advised by the Bank of Ghana and will furnish the Bank of Ghana with a status report on the bank as frequently as the Bank of Ghana may require,” a statement issued by the Central Bank said Friday.

“It is important to note that an Advisor does not take over the powers, responsibilities, and duties of the bank’s shareholders, directors, or management. Under Act 930, the Advisor may attend meetings of the Board of Directors without voting at such meetings,” added the statement.