President Nana Addo Dankwa Akufo-Addo has urged key players in the banking sector to give strong support to the Bank of Ghana (BoG) in its drive to restore “sanity and confidence” in the monetary environment.
The viability of the banking and financial sector, he said, was critical to the quest for rapid economic development and investment growth.
“Any loss of confidence in the banks is bound to have a ripple effect on the stability of the economy as a whole.”
The President, who was addressing the “Third Ghana CEOs Summit” in Accra, noted that “a nation’s economic fortune is often as good as its banking system and the confidence in its monetary environment”.
“We cannot afford instability or recklessness in the banking and financial sectors.”
The annual event, organized by the Chief Executives Ghana Network Limited in partnership with Deloitte brought together key industry players, business leaders, investors, services providers, regulators and government officials to engage in relevant issues and to learn, share experiences, network and improve their leadership skills in quality and profitable growth strategies.
This year’s meeting aimed to assist global and local CEOs to interact with world class subject experts to foster knowledge acquisition, learning, partnerships and synergies to stimulate organizational growth.
President Akufo-Addo said as the Bank of Ghana undertook reforms in the sector, the issue of foreign-owned banks dominating the financial environment should be addressed holistically as this “did not bode well for the “Ghana beyond aid” project.
“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,” he added.
The President said he found it refreshing that the Bank of Ghana was tightening its regulatory and oversight activities, especially in the areas of lending and other risky endeavours.
“It is all in our interest that financial matters are dealt with professionally and without political interference, no matter how tempting.”