The Bank of Ghana (BoG) has directed the Managing Director of ARB APEX Bank Kojo Aye Kusi to proceed on leave.

According to the regulator, the action has been influenced by ongoing investigations into recent developments at the institution.

A statement by the Central Bank signed by the Head of Financial stability at the Bank, Francis Blankson, said their decision to let the MD stay out of office is to ensure that they have unfettered access to documents and information to aid on-going investigations.

The statement added that the investigations are to verify allegations against Mr Kusi and covers the period November 21 -December 2 . 

The Central Bank is promising to share the outcome with of this investigation with all the interested parties in due course.

The Union of Commerce and Finance Workers (UNICOF) has charged the BoG and other regulatory bodies to speed up investigations into the issues it has raised against the Mr Kusi. 

They alleged that the Managing Director is engaging in some unprofessional activities with the support of the Board Chairman.

UNICOF earlier this week, directed their members across all the bank’s branches to wear red armed bands over the continuing presence of Mr Kusi, despite allegations of him engaging in some unprofessional activities which have affected the Bank’s fortunes.

The General Secretary of UNIOCF, John Senanu Amegashie has alleged that the situation is largely to blame for the dwindling fortunes of the bank in recent times.

According to him, the Bank is currently running at a loss of close to GH¢7million adding when preparing the budget for next year, the MD, and the Board has estimated a GH¢10 for next year.

"If you are managing the organization well, how could you as a Bank estimate a GH¢10 million and what accounted for that is not known to us," he said.

Mr Amegashie said that is why they have asked the MD to step aside for investigations into the issue.