We are feeling the impact of banks’ collapse – Nduom

The recent crisis in the banking sector resulting in the collapse of some key financial institutions is having a negative impact on businesses and the lives of Ghanaians in general, President of Groupe Nduom, Dr. Papa Kwesi Nduom has observed.

The business mogul has earlier raised concerns over panic withdrawals of funds from banks following the collapsed of banks in the country and called on sector regulators to check the fears otherwise it will sink the economy.

In a short statement on his Facebook page, Dr. Nduom commended the Finance Ministry for the steps it has taken to alleviate the fear and resolve the challenge.

“Today, I wish to recognize the efforts of the Ministry of Finance to work with players in the financial industry to manage and stabilize the banking and investments sector. In particular, it is good to note the steps initiated to understand the reasons for the panic withdrawal of funds especially from indigenous companies,” he noted.

He is also urging a greater collaboration between government, the Ministry of Finance, industry leaders and regulators so as to find lasting solution to the banking crisis as “We are all feeling the impact of what has taken place these past few weeks and should do all we can to deal positively with it.”

Read below Dr. Nduom’s statement

Today, I wish to recognize the efforts of the Ministry of Finance to work with players in the financial industry to manage and stabilize the banking and investments sector.

In particular, it is good to note the steps initiated to understand the reasons for the panic withdrawal of funds especially from indigenous companies.

I urge greater collaboration between MOF and GOG in general, regulators and industry leaders to find a lasting solution to the challenges facing the sector.

We are all feeling the impact of what has taken place these past few weeks and should do all we can to deal positively with it.