Bank of Ghana Approves Dr. Kojo Aboagye-Debrah as Board Chair of Utrak Savings and Loans
The Bank of Ghana has officially approved the appointment of Dr. Kojo Aboagye-Debrah as Board Chairman of Utrak Savings and Loans Ltd., following a rigorous regulatory assessment under the country’s financial sector governance framework.
The approval, dated May 5, 2025, and issued by the central bank’s Banking Supervision Department, is pursuant to Section 60(8) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). The central bank’s greenlight enables Utrak Savings and Loans to proceed with the re-designation of Dr. Aboagye-Debrah, who is expected to help steer the institution’s governance and oversight responsibilities at the board level.
Dr. Aboagye-Debrah’s appointment is subject to ongoing compliance with key regulatory directives, including the Corporate Governance Directive, 2018; the Fit and Proper Persons Directive, 2019; the Companies Act, 2019 (Act 992); and any further guidelines issued by the Bank of Ghana. The central bank emphasised that the appointee must continue to be guided by the full suite of rules governing directorial conduct in financial institutions.
However, the Bank of Ghana cautioned that the approval remains contingent on the outcome of background checks, with a clear warning that any adverse findings could lead to its revocation.
