Akufo Addo expresses concern with the lack of top Ghanaian-owned banks

Akufo Addo expresses concern with the lack of top Ghanaian-owned banks

- The president believes the Bank of Ghana has to make regulations to give support to Ghanaian banks.

- He says that the domination of foreign banks works against the 'Ghana Beyond Aid' agenda.

The Bank of Ghana (BoG) needs to help Ghanaian banks grow and become competitive. This is the charge from the president of Ghana, Nana Addo Dankwa Akufo Addo.

President Akufo Addo was speaking at the 3rd CEO Summit at the Kempinski Hotel. It was under the theme: “Leadership, Innovation and Investment for Business and Economic Transformation.”

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The president voiced his concern about the domination of foreign banks in the industry. He explained that such a thing would not actually work for a country that intended to move beyond foreign aid.

Akufo Addo expresses concern with the lack of top Ghanaian-owned banks

A banking hall

In talking about banking reforms in regulations, President Akufo Addo said he believes the BoG needed to put in place measures to ensure that Ghanaian-owned banks could compete.

The president noted that the country's quest to develop was linked to the growth of the banking and financial industry. He pointed out that the people's confidence in the banking and monetary system was necessary for economic development.

Mr Akufo Addo expressed his pleasure with the Bank of Ghana's management of recent issues in the country's banking sector. He said the problems caused concerns among a lot of Ghanaians and expressed happiness that things were now under control.

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He warned against mismanagement, saying:

“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 continued:

“It is in all our interests that all financial matters are dealt with professionally and without political interference, no matter how tempting."

The meeting brought together stakeholders in capital-intensive industries.

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Source: Yen

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