BoG’s disapproval of Smith-Graham’s appointment as UMB Board Chair lawful – Court declares
The High Court presided over by Justice Nana Brew on July 10, 2024 dismissed an application for judicial review filed by George Smith-Graham, a former director of UMB Bank, against the Bank of Ghana (BoG). On July 22 2022, the BoG, pursuant to its powers, under the Banks and Specialised Deposit-Taking Institutions Act, Act 930 and the Corporate Governance Directive 2018, issued a directive on the appointment and redesignation of directors and key management personnel. This required all commercial banks to obtain a prior written “No Objection” from BoG before redesignating an existing non-executive director to any other position. UMB...
