Financial institutions urged to adhere to regulations

Catholic Archbishop of Kumasi, Most Reverend Gabriel Yaw Anokye, has asked financial institutions to strictly adhere to rules and regulations set by the Bank of Ghana to guide their operations.

He said the regulations were to protect the institutions and their clients and it was important to operate under the rules to safeguard their business interests and that of their customers.

Most Rev. Anokye made the call at the inauguration of the Catholic Archdiocese of Kumasi Cooperative Society for Development at St John of the Cross Parish, Kronum in the Suame Municipality.

He cautioned the financial institutions to set the right foundations for their various organisations to thrive.

"Like what the psalmist said, if foundations are not well-laid, no amount of prayer or fasting or whatsoever can amend the damages; therefore, our financial institutions need to go by the laid down procedures from Central Bank in all activities to avoid any inconveniences," he told the Management and participants at the event.

Archbishop Anokye assured the public that the Cooperative had the right and formidable foundation to ensure its growth and sustainability.

He appealed to the Government to provide the needed support to churches and other private institutions making efforts to open up businesses to help reduce the unemployment rate in the country.