Mahama's Reshuffle Moves To The Banks ...Insurance & Financial Sector

Reliable information reaching The aL-hAJJ points to President John Dramani Mahama, in the coming days, announcing major restructuring of some public institutions, particularly those in the financial sector, as part of final major reshuffle of his administration in preparation for the crucial 2016 polls.

This latest move, sources close to the presidency revealed to this paper, will see drastic changes at managerial levels of the Bank of Ghana, GCB, SIC Insurance Company Limited, adb, National Investment Bank, Social Security and National Insurance Trust (SSNIT) among others.

The yet-to-be announced changes in the financial sector, a source at the seat of government noted, "is a continuation of His Excellency's ongoing restructuring exercise targeted at state-owned institutions to make them more viable."

According to the source while heads of some of the state institutions to be affected would be retired, others will swap posts while the rest will be relieved of their duties.

Already, intelligence report gleaned by this paper indicate that the Managing Director of GCB, Simon Dornoo, who has been on leave, is not likely to return to his post, "I can confirm to you that the MD for GCB will not return to his post after his leave," a source noted.

Although the source fell short of mentioning who is likely to step into Simon Dornoo's shoes, grapevine sources points to a recently reshuffled Chief Executive of a strategic state institution taking over the running of the state wholly owned bank.

President Mahama's impending restructuring of the state financial sector, according to The aL-hAJJ's dependable sources, could also see a renowned banker and Managing Director of a private bank, CAL Bank, Mr. Frank Adu Jnr heading a major state financial organization. 

The fate of embattled MD for adb, Stephen Kpordzih is not yet clear as the President and government are reported to be in dilemma as whether to grant the workers' demand to sack him and dissolve the governing board at this time, especially when the bank on its own has already embarked on massive restructuring and transformation.

Our sources at the seat of government say the President and his advisers are of the view that adb at its present stage badly needed customers and investor confidence to enable it recapitalize as the it prepares to list on the stock exchange.

"As a result of this, any uncalculated move at adb at this moment in time could jeopardize the bank's survival," a government source told this paper.

Intelligence so far gathered by The aL-hAJJ has revealed that government is in talks with management and leaders of the bank's workers to allow the beleaguered Managing Director and board to move forward the ongoing transformation exercise, including successful listing on the stock exchange, expected in the coming weeks, before any further action is taken.

In the case of SIC, SSNIT, NIB and others, sources say, "the changes there will not be different from what was witnessed few days ago at YEA, NHIA, NPRA, GIFEC etc. I can't tell which of the heads will swap positions, all I know is that the President will make changes at SIC, SSNIT, GCB, NIB among others."

President John Mahama recently reshuffled a number of heads of public institutions and corporations.

A statement from the Presidency said the head of the Youth Enterprise Authority (YEA) Kobby Acheampong has replaced Kofi Attoh at the Ghana Investment Fund for Electronic Communications (GIFEC).

Former National Service Secretariat (NSS) boss, Vincent Kuagbenu replaces Kobby Acheampong at the YEA, formerly the Ghana Youth Employment and Entrepreneurial Development Agency (GYEEDA).

A former member of the Dzamefe Commission, Kofi Anokye Owusu Darko also replaced Laud Senanu as Chief Executive of the National Pensions Regulatory Authority (NPRA).

The Head of ICT at the National Identification Authority (NIA), Kwame Griffiths took over from Josiah Cobbah as head of the authority.

At the National Communication’s Authority, NCA, the Director General of National Information Technology William Tevie replaced Paarock Van Percy whose term of office expired.

A deputy Chief Executive of the National Health Insurance Authority (NHIA), Nathaniel Otoo replaced Sylvester Mensah as head of the institution.

These changes, sources at the seat of government revealed, will be extended to state organizations in the financial sector to position the government for a 'showdown' in 2016.