George Smith-Graham, former Director of Universal Merchant Bank (UMB), has announced his intention to appeal a recent High Court decision upholding the Bank of Ghana’s (BoG) rejection of his appointment as board chair.
In a press release, Smith-Graham expressed respect for the Court’s decision while voicing concerns over the BoG’s actions and their potential impact on the banking sector.
He emphasized that his appointment as board chair had been adequately communicated to the BoG but was unexpectedly revoked without prior notice.
Smith-Graham criticized BoG’s overreach, arguing that their actions create uncertainty and fear among industry professionals, jeopardizing sector stability.
He asserted that the BoG had exceeded its authority by imposing additional requirements not mandated by Act 930 or Corporate Governance Directives.
The High Court, presided over by Justice Nana Brew, recently dismissed Smith-Graham’s application for judicial review, affirming BoG’s decision. The Court cited Act 930, which grants BoG-wide powers to enforce regulatory compliance and maintain banking sector integrity.
Smith-Graham’s appeal seeks to challenge this ruling, emphasizing the need for a fair and transparent regulatory framework that respects corporate governance principles.
He called upon stakeholders to support efforts to preserve bank boards’ integrity and operational autonomy.
The outcome of the appeal is anticipated to have significant implications for governance practices within Ghana’s banking industry.
