The Bank of Ghana has ordered members of the Board of Directors of Amenfiman Rural Bank who received ¢2.8 million each as Christmas gift to refund the amount with interest at current commercial rates prevailing at the bank.
Amounts given to retired directors and the director who resigned should also be retrieved. The directive followed investigations the bank conducted into the affairs of the bank.
The central bank warned board members to desist from taking remuneration and allowances other than those approved at the bank's Annual General Meeting.
A Bank of Ghana directive states: "Directors are not entitled to any form of emoluments other than the normal sitting and travelling allowances approved by shareholders at an Annual General Meeting."
BoG directed the board to be circumspect in all decisions and agreements on policies related to staff training and should engage the services of a legal practitioner to draft contracts pertaining to staff and other matters.
It stopped the earlier decision of the board to sell the two pick-ups of the bank at ¢12 million each.
BoG directed the bank to put in place a procurement committee that would be accountable to the board to oversee the bank's purchases.
"The Board should issue a warning letter to the Chief Manager to administer the bank more transparently to remove the perception of malfeasance by a section of the staff and shareholders," BOG said.