Central Bank charged to ensure strict compliance with Banking Law
| Updated Aug 06, 2018 at 11:32am
Financial analysts on GBC's Current Affairs Programme ‘Talking point’ have urged the Central Bank to put in place strict directives and measures to prevent recurrence of liquidation in the financial sector.
The analysts are of the view that such measures when applied should be followed to the letter to ensure compliance.
The panelists who commended the Central Banks move of merging five insolvent Banks said it is an innovative and efficient intervention.
The Bank of Ghana on Wednesday announced it has taken over Beige, Sovereign, Royal, Unibank and Construction banks and merged them into the Consolidated Bank Ghana Limited.
The closed banks were said to be facing liquidity challenges. Earlier this year, UT Bank and Capital Bank also faced the same liquidation problem.
Commenting, the MD of Stanbic Bank and President of the Ghana Bankers Association, Alhassan Andani said because the financial sector acts as a nerve of the economy, it is important that it is well managed.
Other areas of Ghana's economy such as manufacturing according to him must also be given the needed attention adding that auditors have a big role to play in the financial sector.
A Banking Consultant, Nana Otuo Acheampong said it is about time, premium was put on public financial literacy education, to guard against the collapse of the sector.
CEO of ZEEPAY, Andrew Takyi Appiah, on his part said the Central Bank should not relent on its efforts in enforcing its directives so as to bring sanity into the financial sector.