Respect mandate of BoG – Haruna Iddrisu

Minority Leader Haruna Iddrisu has backed reforms in the banking sector and urged financial institutions to respect the authority and mandate of the central bank.

According to him, it is in the public interest and to the public good that parliament should be concerned about the banking sector, and employment in the banking sector as well as the consequences of severance and resulting unemployment arising out of the collapse of those financial institutions.

He also added that Ghanaians should be interested as a country as to what can be done to restore the dignity and honour, reputation and standing of financial institutions.

There has been lots of panic, with movement of money from indigenous banks. This worrying sign, Mr. Iddrisu feels, should make Ghanaians concerned about the fate of indigenous banks and their contribution to growth of the economy – the services sector must be jealously and religiously guarded.

“But they must rein them in within rules to respect the regulatory mandate and authority of the Bank of Ghana – and keep it away from unnecessary political interference, so there will be some sanity in the banking sector and banking regime,” he told B&FT in an interview at the hearing of the Finance Committee meeting concerning the banking crisis at Parliament House on Thursday.