President Nana Addo Dankwa Akufo-Addo has charged the bank of Ghana to forcefully address weaknesses in the banking sector to minimize any adverse financial consequences to unsuspecting customers and their spillover effects on the economy
According to him, a weak banking system undermines growth and as such requires that the current weaknesses in the banking sector are forcefully addressed by the central bank to minimize adverse financial consequences to unsuspecting savers and their spillover effects on the economy.
He was speaking at the 60years commemoration of the bank of Ghana under the theme: celebrating 60yrs of central banking in Ghana: achievements, challenges and prospects.
President Akufo-Addo described the theme for the occasion as appropriate and timely especially at time the nation recently celebrated 60yrs of independence.
”Some people consider attaining 60years as effectively the end of dreams and aspirations but that cannot be the case in the life of a central bank, it has to be the beginning of decisive policy making after gaining invaluable lessons from the past”.
He praised the central bank for being at the forefront in developing and deepening the financial market in Ghana though significant challenges remain.
President Akufo-Addo noted the weeding out of unlicensed institutions, protecting the integrity of payment systems, broadening and deepening access to banking to rural areas among others as some of the challenges to be tackled.
He stressed that the need to entrench reputation and credibility in the financial system is crucial.
”I urge you, as the nations central bank to remain committed to the process and to confront the challenges confronting the banking sector to guarantee financial stability and promote greater confidence in the sector”
President Akufo-Addo noted that the decisive intervention of the bank over the matters of UT and capital bank, demonstrates the preparedness of the bank to act in a manner worthy of a responsible central bank.