Local banks must be made strong to support local businesses – PEF CEO

The Private Enterprise Federation (PEF) is calling on the central bank to provide guidelines in ensuring local banks are healthy and help in stimulating the economic growth desired.

Chief Executive Officer of PEF, Nana Osei Bonsu reckoned local banks can and must be stronger and compete with their foreign counterparts operating in the country as the economy cannot produce the desired result and be resilient if a larger number of banks remain in foreign hands.

Although PEF sees the sanitization of the banking sector as good, it believes a deliberate framework needs to be introduced by the Bank of Ghana to ensure that the local banks grow and support local businesses.

“Most of our financial institutions should be local ownership and that involves a lot of liquidity and investment coming from domestic investors,” he mentioned.