Former BoG Deputy Governor Ossei-Kumah to be buried April 13

The mortal remains of the late Emmanuel Ossei-Kumah, a former Deputy Governor of the Bank of Ghana, and Abusuapanyin of the Apagya Family of Duayaw Nkwanta, are to be interred Saturday, April 13, 2024.

He died on July 20, 2023, in Accra at the age 86, a statement issued by the family said.

Mr Ossei-Kumah, an accomplished Chartered Accountant and experienced banker with qualifications in Economics, worked with the Bank of Ghana at different periods for over twelve years.

He began his career at the Bank of Ghana as an Assistant Manager and Financial Analyst and worked from 1969 to 1972.

In 1972, he left the Bank of Ghana to join the Standard Chartered Bank, where he rose to become the first African Chief Accountant of the Standard Chartered Bank, Ghana.

He later worked in the private sector for a number of years.

He was appointed a Deputy Governor of the Bank of Ghana in 1986, and worked in that capacity till 1990.

The same year, he assumed the position of the Executive Chairman at the then ailing Ghana National Trading Corporation (GNTC) and succeeded in reviving it.

He was appointed again as First Deputy Governor of Bank of Ghana from 1997 to 2001 with oversight responsibility for several Departments in the bank including Finance, Banking Supervision, the then Rural Banking, Non-Bank Financial Institutions and the Medical Departments over the period.

Mr. Ossei-Kumah's unparalleled expertise and experience in Accounting, Auditing, Financial and Forensic Analysis, Foreign Exchange Markets, Treasury Management among others enabled him to contribute immensely to the setting of the strategic direction of the Central Bank, the formulation of policies, and the implementation of measures of the Bank's functions.

The appointments of Mr. Ossei-Kumah as both Second and First Deputy Governor took place at a time when Ghana was undergoing various reforms such as the Economic Recovery Programme (ERP), the Structural Adjustment Programme (SAP) and the Financial Sector Adjustment Programme (FINSAP), during which the Bank had a crucial role to play.

Also, Mr. Ossei-Kumah served as a member of the Board of Directors of the Bank of Ghana as well as several other public and private institutions, including the Social Security and National Insurance Trust (SSNIT), the National Investment Bank, Meridian Tobacco Limited, Securities and Exchange Commission, Bank for Housing and Construction and Komatsu Gh. Limited.

“Mr. Ossei-Kumah was a man of a wealth of experience and extraordinary commitment to duty. He distinguished himself throughout his career with dedication to duty, resilience, integrity, impartiality, discipline and accountability”, the statement said.

His many contributions at the Central Bank included a cleaning of the banking system, which led to the departure from the fixed exchange rate system, through foreign exchange auctioning, to the establishment of the Foreign Exchange Bureaux in the initiation of the liberalization regime.

He also helped with the establishment of the Non-Performing Assets Recovery Trust (NPART); the former Bank Examination Department of the Bank of Ghana which was transformed and designated as the Banking Supervision Department with better mandate and focus, the Ghana House which was re-constructed during his tenure of office.

The late Ossei-Kumah will be remembered not only for the distinguished manner in which he discharged his duties, but also, for being the first to have been appointed twice as a Deputy Governor of the Bank of Ghana.

He served as the Abusuapanyin of the Apagya Family of Duayaw Nkwanta in the Ahafo Region, a role he played diligently until his demise.

“He will always be remembered as a man of integrity who stood up for the principles he believed in”, the statement added.

GNA