The Association of Finance Houses (AFH) is asking the Bank of Ghana (BoG), to grant financial institutions sufficient time, as they seek to implement the lessons learnt from the recent clean up in the banking sector.
This, it said would give them enough time to plan, in order to meet the regulator’s requirements.
It also urged the financial sector regulator to provide liquidity support and continuous training to these institutions in order to deepen their knowledge and to enhance their operations, so that eventually, it would have an impact on the growth of Ghanaian businesses.
A statement issued and signed by Mr. Kokui A. Adu, Executive Secretary, Association of Finance Houses and copied to the Ghana News Agency, said the uncertainty about the regulator’s next steps after the financial sector clean-up, has created enormous uneasiness among members and customers alike.
The statement urged the BoG to stand firm in its responsibility of ensuring financial system stability and soundness, by constantly monitoring and supervising all licensed finance institutions to restore trust and confidence.
It further added that, at an annual general council meeting, participants noted that the portfolio of non-performing loans is at a record high.
The statement however said customers can be assured that financial institutions are resolved, to ensure soundness of financial activities.
It further stated that the association is ready to work with the BoG in order to bring sanity to the financial sector.
“Many useful lessons have been learnt from the BoG’s ‘clean up’ exercise. We are therefore going to work with the BoG to ensure that our members are able to continue supporting small and medium scale enterprises in the future,” the statement said.