Political interference rocks Ghana International Bank as highly-rated CEO is axed without stated reasons
A governance dispute has erupted at UK-based Ghana International Bank plc “GhIB” after its board, controlled by the Government of Ghana through Bank of Ghana, removed Chief Executive Dean Adansi the CEO with “immediate effect” on Monday.
GhIB was established in 1959 as the London branch of Ghana Commercial Bank, two years after Ghana’s independence.
Bank of Ghana holds >50% of shares, with the balance held by Ghanaian financial institutions including GCB Bank, SSNIT, and ADB. Bank of Ghana Governor, Dr Johnson Asiama is the Chairman of the board.
Once on the brink of failure and placed on a regulatory watchlist by UK authorities in 2016, GhIB has since rebuilt its balance sheet under Adansi’s leadership.
*CEO dismissed “without stated reasons”, sources say*
Adansi was appointed CEO in 2019 and approved by the UK Prudential Regulation Authority “PRA” and Financial Conduct Authority “FCA” as SMF1 Chief Executive under the Senior Managers & Certification Regime “SMCR”. General consensus among clients and employees indicate that Mr Adansi has been a highly effective CEO, receiving positive ratings from the board.
However, on Monday 8 June 2026, a brief statement from the Board announced the immediate departure of the CEO Dean Adansi.
Mr Adansi emailed senior staff confirming his departure and referencing what appears to be recent internal frustrations.
In his parting note, Adansi highlighted GhIB’s turnaround under his tenure.
“We grew trade revenues by over 300% and maintained a clean loan book with a strong LCR and CAR. We reached our goal of $100 million in revenues in five years and we’re looking forward to doubling the size of the business in another five years – while managing our modest capital closely.”
He also praised frontline staff “who have led us to the point of recovery” and said the board had approved a strategy focused on non-interest income, funding diversification and modernisation.
*New CEO appointed with immediate effect*
In the communication from the Board announcing Mr Adansi’s departure, the Board announced the appointment of Ian Greenstreet Owulakwao as new CEO with immediate effect.
The email also stated Adansi had “assumed leave”, which senior bank figures described as “shocking and unusual”.
*Questions over PRA and FCA compliance*
Banking lawyers and governance experts say the process raises questions under PRA/FCA rules for Senior Management Functions.
Under FCA Handbook SUP 10C.10, a firm must submit a Form C to the FCA within 7 business days of a senior manager leaving, setting out reasons for departure. If dismissal relates to “lack of fitness & propriety”, SUP 10C.11 + FIT 2.2 require immediate notification.
For new appointments, SUP 10C.9 requires FCA approval after a “fit and proper” assessment before a person can perform SMF1 duties. Acting as CEO without FCA approval can expose the firm and individuals to regulatory sanctions.
As of 10 June 2026, Companies House still listed Dean Adansi as an active director of Ghana International Bank plc, suggesting the change had not yet been filed.
*Bank exposed to legal challenge, political motives alleged*
Industry experts and market practitioners have indicated that dismissing Adansi without stated reasons risked reputational damage to Adansi and potential breaches of PRA/FCA rules and the Bank may be exposed to a legal challenge.
Having not too long ago come out of a Voluntary Business Restriction (imposed by UK regulators) and a Section 166 skilled person review (also imposed by UK regulators) the Bank may now be exposed to heightened regulatory scrutiny and potential sanctions.
Several senior staff and at least two directors expressed shock at the decision to dismiss a CEO the board had rated highly. Some attributed the move to “political interference”, which they said the PRA/FCA frowns upon.
The question on the minds of many is why the haste and lack of due process in the dismissal of the CEO, raising further question on what the government and the Bank of Ghana are up to? Some inside sources also have claimed that the Government is in a hurry to sell off its shares in the bank to a private individual and needed to get Mr. Adansi out of the way.
GhIB and Bank of Ghana had not commented publicly on the dismissal or the new appointment at the time of publication. The FCA does not also comment on individual firms or cases.
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