We need a greater collaboration to resolve financial challenges - Dr. Nduom

Dr. Papa Kwesi Nduom has advocated for a greater collaboration between the Ministry of Finance and the Government of Ghana in general, regulators and industry to find a lasting solution to the challenges facing the financial sector.

Over the last couple of months, Ghana's financial sector has been hit with a hurricane of issues which has led to the collapse and subsequent amalgamation of 5 banks.

The consequential loss of jobs in the sector and a general loss of confidence in the banking sector particularly in indigenous banks has led to the mass panic withdrawal of deposits by customers.

The chairman of the board of directors of GN bank in a Facebook post recognized "the efforts of the Ministry of Finance to work with players in the financial industry to manage and stabilize the banking and investment sector".

He also acknowledged the steps initiated to understand the reasons for the panic withdrawal of funds especially from indigenous banks.