Panic withdrawals may sink the economy - Nduom

Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom has called for calm following the banking crisis that has hit the country.

The business mogul has underscored the need for the panic withdrawals to be checked before it generates negative implications for the economy.

In a post on official Facebook page, Dr. Nduom said, "If we trust each other’s words of commitment, we must not panic, flock to banking halls and fight to withdraw our deposits. This fear must be checked otherwise it will sink our economy.

It is also important to put partisan politics when it comes to the financial markets - jobs, enterprise, money, opportunity cannot wear political colours. We have everything going for Ghana to rise and enjoy a well-performing economy."

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LET’S SOLVE THE CRISIS IN THE FINANCIAL MARKET TOGETHER - THE PANIC CAN SINK THE ECONOMY

Government has committed itself to ensure the safety of deposits in the banking system. So deposits at regulated institutions are not at risk and will not be lost.

Indeed depositors have not lost money even when a bank has collapsed. Even more important, the Bank of Ghana is implementing measures to strengthen governance at the banks.

Shareholders, directors and management have been put on notice to abide by regulations.

Customers have been asked to make sure they pay back funds given to them as loans.

Government agencies have expressed the willingness to source funds to pay contractors and suppliers.

If we trust each other’s words of commitment, we must not panic, flock to banking halls and fight to withdraw our deposits. This fear must be checked otherwise it will sink our economy.

It is also important to put partisan politics when it comes to the financial markets - jobs, enterprise, money, opportunity cannot wear political colours.

We have everything going for Ghana to rise and enjoy a well-performing economy.