In a move that has raised eyebrows in Ghana’s financial circles, Naomi Wolali Kwetey, wife of Fifi Fiavi Kwetey, General Secretary of the National Democratic Congress (NDC), has been appointed Managing Director of Consolidated Bank Ghana Ltd (CBG), effective March 26, 2025.
According to a letter from the Ministry of Finance, Dr. Naomi Kwetey’s nomination was made by the President, and she is expected to lead the bank alongside Ms. Shiela Azuntaba, who has been appointed Deputy Managing Director.
The appointments are subject to regularization in compliance with the Companies Act, 2019 (Act 992) and the Bank’s Constitution.
Copies of the letter were sent to key government officials, including the Chief of Staff and the Secretary to the President, reflecting high-level endorsement of the decision.
Cassiel Ato Forson, Minister for Finance, signed the letter announcing the appointments, which also emphasized the need for cooperation from the bank’s board and management.
“Please find attached the Curricula Vitae of the nominees for your kind attention and necessary action,” the letter stated.
The appointment of Dr. Naomi Wolali Kwetey as the Managing Director of Consolidated Bank Ghana (CBG) has raised concerns about nepotism within the government, as she is the wife of Fifi Kwetey, the General Secretary of the NDC.
She was previously tipped as a deputy Governor for the Bank of Ghana and later replaced by Mona Helen Quartey, a former deputy Finance Minister.
A Case of Nepotism?
The appointment has reignited debates over political favoritism, with critics arguing that the government is deepening its trend of appointing family members and political allies to key positions.
Some baby mamas of the president’s family members are occupying juicy positions in a clear case of family and friend appointments.
Opposition figures have also criticized the move, questioning whether Dr. Kwetey was selected based on merit or simply because of her political connections.
Past Allegations Resurface
This development has sparked interest, given Dr. Naomi Kwetey’s previous history.
In 2012, she was allegedly implicated in a financial scandal, raising concerns about her suitability for the role and competence.
A media report titled “Fifi Kwetey’s Wife Fingered in Another Financial Scandal” detailed allegations of financial impropriety involving Naomi Kwetey in 2011.
While no formal charges were filed, the allegations have cast doubts on her suitability for such a critical role.
Critics argue that given Ghana’s history of financial mismanagement in the banking sector, appointing someone with a controversial past could have serious implications.
-BY Daniel Bampoe
