Business News of Wed, 23 May 20184
President backs BoG’s banking reforms; wants indigenous banks supported
President Nana Addo Dankwa Akufo-Addo has said that his government will support the Bank of Ghana to take decisive actions that correct any defects in the banking and financial services sector in order to maintain stability in the economy.
According to the president, recent events on the banking scene have been a cause for worry and he was relieved the Bank of Ghana (BoG) is tightening up its regulatory and oversight activities.
“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 stability of the economy as a whole,” President Akufo-Addo said at the opening of the 3rd Ghana CEO Summit in Accra.
He urged Ghanaians to allow the central bank to deal with matters and restore sanity and confidence, which he reckons is in the interest of the nation if handled professionally and without political interference.
Furthermore, the president also recognised that a banking sector dominated by foreign-owned banks does not bode well for the ‘Ghana Beyond Aid’ agenda.
“It is essential that indigenous banks grow and survive in any meaningful reform of the banking system. I am confident that the regulator appreciates this,” he added.
The theme for the on-going 3rd Ghana CEO Summit is ‘Leadership, Innovation and Investment for Business and Economic Transformation’.
The event seeks to address the most important issues facing the nation with regard to the economy, doing business, corporate governance, technology, innovation and investment.
Ernest De-Graft Egyir, CEO of the Chief Executive Officers Network said: “The purpose of this summit is to bring us all together in an atmosphere of learning, insight sharing, and above all unearthing the most viable ways of making our economy work in the face of global trends in an atmosphere of cross-sectorial networking.
“The summit will adopt panels, plenary sessions and open fora for lively and thought-provoking discussions. Attendees will have the opportunity to share insights, ask questions and draw on the knowledge and experience of the experts and panelists. This will be subsequently followed by a networking event.”
On leadership he noted that: “The challenge of leadership persists, and to a large extent the project of nation building in Ghana and Africa remains much a work-in-progress.
This country cannot develop beyond the level of its leadership. One of the bearings of leadership in Ghana is that there is heightened veneration of the country’s political economy.
“Everyone wins when leadership is effectual. As our leadership effectiveness improves, our impact is multiplied in business, governance, our police service, in schools, families and churches.”
He indicated that the theme was to encourage efforts of the country’s private sector and those of state owned enterprises at a time when new opportunities are evolving not just out of the accelerating pace of economic growth, but as a birthing of fundamental restructuring.
He also stated that the Summit will seek through the platform to enhance existing transformation initiatives which propel growth of the economy.