“Help Indigenous Banks Grow And Survive” – Prez Akufo-Addo To BOG

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has charged the Bank of Ghana to help indigenous banks to grow and survive, as part of the ongoing reform of the banking sector being undertaken by the Central Bank.

According to President Akufo-Addo, the viability of the banking and financial sectors is critical in any nation’s quest for rapid economic development and investment growth, adding that a nation’s economic fortune is often as good as its banking system and the confidence in its monetary environment.

That is why recent scenes in the banking sector, the President noted, has been a cause of worry for many Ghanaians, and was, thus, relieved that the Bank of Ghana is tightening up its regulatory and oversight activities on banks.

“We cannot afford instability or recklessness in the banking and financial sectors. For any loss of confidence in the banks is bound to have a ripple effect on the stability of the economy as a whole,” he bemoaned.

He thus urged all Ghanaians to allow the regulator, which is the Central Bank, to deal with these matters and restore sanity and confidence.

“It is in all our interests that all financial matters are dealt with professionally and without political interference, no matter how tempting. Nonetheless, it is important that the regulator recognises that a banking sector dominated by foreign-owned banks does not bode well for the Ghana Beyond Aid project,” President Akufo-Addo said.

He continued, “It is essential that indigenous banks grow and survive in any meaningful reform of the banking system. I am confident that the regulator, the Bank of Ghana, appreciates this.”

President Akufo-Addo made this known on Monday, 21st May, 2018, he delivered an address at the 3rd Ghana CEO Summit, held at the Kempinski Hotel, on the theme “Leadership, Innovation and Investment for Business and Economic Transformation.”