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Sylvester Mensah appointed Acting GEXIM CEO
President John Dramani Mahama has appointed Hon. Sylvester Adinam Mensah as the Acting Chief Executive Officer of the Ghana Export – Import Bank (GEXIM).
He will be leading the Bank to achieve its mandate to support the Government of Ghana’s quest for a feasible and sustainable export led economy in accordance with the Ghana Export-Import Bank Act 2016 (Act 991).
In that role, he will be responsible for the Bank’s effort in facilitating the transformation of Ghana’s economy into an export led one by supporting and developing trade between Ghana and other countries, overseas investments by Ghanaian Companies and eliminate critical market failures in the Ghanaian economy thereby making Ghana competitive in the global marketplace.
Sylvester Adinam Mensah is an accomplished finance professional and former senior banker, renowned for his expertise in public sector banking, fund management, strategic financial management, and governance.
He is a Fellow of the Institute of Business Consulting (FIBC), UK, and a Certified Strategy Professional with a proven track record of delivering innovative strategies and financial solutions.
As Head of Public Sector Banking at the then Intercontinental Bank (Ghana) Ltd, he led the development of credit risk criteria and robust credit acceptance frameworks.
Mr.Mensah provided strategic investment and business advisory services to diverse public sector clients, among others.
He served as a Member of Parliament for the La Dadekotopon Constituency and later as Chief Executive of the National Health Insurance Authority (NHIA), where he also managed the NHIA fund.
He reformed and expanded Ghana’s Health Insurance Scheme, introducing a range of policies to enhance efficiency.
Mr.Mensah is currently a Senior Lecturer at the University of Professional Studies, Accra (UPSA), and an Adjunct Lecturer at the Nobel International Business School, where he is a faculty member of the Certified Strategy Professional (CSP) programme.
Sylvester Mensah holds Bachelor of Science Degree from the University of Ghana Business School, and an MBA in Finance from the University of Leicester in the UK. He also holds a number of diplomas and certificates from various distinguished universities abroad.
With over two decades of experience in providing both practical and academic instruction in Corporate Strategy, Strategic Management, and Strategy Execution, he possesses the financial and managerial acumen to lead and transform Ghana Export – Import Bank.
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Over GH₵80m was collected in betting tax, Amin Adam got it wrong – Finance Minister
Ghana’s Minister for Finance Ato Forson says the claim by former Finance Minister Mohammed Amin Adam that the erstwhile administration never implemented the betting tax is not factual.
Speaking at a new conference on Tuesday, March 11, shortly after the Finance Minister presented the new government’s first budget statement and abolished the e-levy, betting tax among others, the former Finance Minister said the NPP government never enforced the controversial tax on lottery and sports betting winnings.
Dr Amin Adam said it was deceptive for the NDC government to claim to abolish a tax that was never collected although the law was passed in 2023.
“Betting tax that they said they have abolished, we never collected Betting Tax. So to come and tell Ghanaians that you have abolished something that you have not implemented, is to deceive the people of Ghana.”
Responding to the claims in an interview with Evans Mensah on JoyNews’ PM Express on Tuesday night, the Finance Minister said his colleague on the other side appears not to be on top of that issue.
“I don’t think he’s on top of that matter because my checks revealed that it was implemented in the second half of 2024. And my checks also reveal that year-to-date, the government of Ghana has collected over GH₵80 million from betting tax, so I don’t know what he’s talking about. It is not the fact. The fact on the ground does not support his assertion. Clearly, the betting tax was implemented,” he insisted.
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Whoever created BoG’s GH₵53bn negative equity mess should be held responsible – Dr. Atuahene
Banking consultant Richmond Atuahene has called for accountability over the Bank of Ghana’s (BoG) GH₵53 billion negative equity, insisting that those responsible for the mess must be held accountable.
In an interview on Joy FM’s Midday News on Wednesday, March 12, he called for those responsible for breaching financial regulations to be summoned before Parliament to explain their actions.
“There was a law that stated they should not exceed a 5% fiscal financing threshold, yet they went as high as 60%. This is a clear violation, and they cannot claim ignorance. The Governor, the Minister, and those involved must be held accountable for their actions,” he asserted
His comment comes after the Finance Minister, Dr. Cassiel Ato Forson, advised BoG to explore internal cost-cutting measures instead of relying on taxpayer funds for a GH₵53 billion bailout to address its negative equity position.
Dr. Atuahene supported the Finance Minister’s stance that the government cannot afford to recapitalise the central bank at this time, given the nation’s fiscal constraints.
“Like the Minister said, you don’t create a mess and leave it for others to clean up. Whoever created this mess must take personal responsibility. When they engaged in the monetisation of fiscal deficits in 2021 and 2022, some of us warned them about the consequences, but they didn’t listen,” he stated.
Dr. Atuahene stressed that rather than relying on external funding, the Bank of Ghana should explore internal restructuring, cost-cutting, and asset sales, including a sale-leaseback arrangement on some of its properties, to raise the necessary capital.
He also highlighted the potential damage to Ghana’s international credibility if the Bank of Ghana remains in a financially distressed position.
“This affects Ghana’s credibility. BoG has correspondent relationships with the Bank of England, the Federal Reserve, and the African Development Bank. If it continues to operate in a capital-deficient state, international institutions may lose confidence in our financial system,” he warned.
Dr. Atuahene also criticised the central bank for insisting that it is “policy solvent,” arguing that capital solvency is more critical in this situation.
“You can claim policy solvency all you want, but if you are capital insolvent, it means you cannot function properly. BoG has been making losses year after year. They made losses in 2023, and they are making losses in 2024. How long will this continue?” he questioned.
Source: Myjoyonline.com
