The Board of Directors of Ghana Commercial Bank (GCB) has terminated with effect from yesterday the appointment of Mrs Matilda Obeng-Ansong as Managing Director.

A statement issued yesterday by the bank?s Public Relations Department gave no reason for the termination. Mr Lawrence Newton Adu-Mante, GCB?s Deputy Managing Director in charge of Finance, has been appointed to replace Mrs Obeng-Ansong in an acting capacity.

Mr Adu-Mante joined GCB in 1972. In December last year, he was appointed simultaneously Deputy Managing Director and a member of the Board. He holds a Bachelor?s degree in Economics and a Master?s degree in Finance and Strategic Management.

GCB Board Explains Dismissal Of MD

The board of Ghana Commercial Bank has assigned reasons for the termination of the appointment of the former Managing Director Matilda Obeng Ansong.

In an interview with JoyBusiness Report, the Head of Public Affairs of GCB Nana Duncan who spoke on the behalf the board, said the former MD failed to comply with the bank?s regulations in awarding a credit facility to a customer.

The former MD was relieved of her duty yesterday and replaced by Lawrence Adu-Mante a deputy-managing Director of the bank who is now acting.

The announcement of the termination of appointment was made without assigning reasons.

But Nana Duncan however declined to provide details on the particular transaction and on exactly what aspect of the regulations were broken by Mrs Obeng Ansong.

Joy FM had earlier carried a story that the MD was dismissed as a result of a loan facility granted the company of Goozie Tannor, the former presidential candidate of the National Reform Party without the approval of the board.

The GCB board would however not confirm or deny this story but rather chose to disassociate itself from it.