Fiifi Kwetey attacks banks

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Pelicles. 9 years ago

Fiifi Kwetey, remember that the banks are profit making entity and they will exploit to their advantage. What is going on in Ghana is basically the government inability to chart a clear course or enact a law for all the fina ...
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Fiifi Kwetey, remember that the banks are profit making entity and they will exploit to their advantage. What is going on in Ghana is basically the government inability to chart a clear course or enact a law for all the financial institutions to follow. With the absence of that they will do whatever they think is right just to maximize profit.
Mouri-Jay 9 years ago

Fiifi,
Your assertion is absolutely right. If the private banks are not doing anything to help the local businesses, why can't Ghana Commercial Bank play that role. Tell GCB to lend to customers at the rate of 10%, or 15% an ...
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Fiifi,
Your assertion is absolutely right. If the private banks are not doing anything to help the local businesses, why can't Ghana Commercial Bank play that role. Tell GCB to lend to customers at the rate of 10%, or 15% and the private banks would be compelled to do same.This would help to partially solve the unemployment problem and also generate tax revenue through direct taxes.The private banks are in business to make money.
insight to the bone 9 years ago

We do not have banks but legalized loansharking criminal mafia organizations that like our political parties are geared toward making our people poor . Thank God our people are wise and less than 5% of the population use thei ...
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We do not have banks but legalized loansharking criminal mafia organizations that like our political parties are geared toward making our people poor . Thank God our people are wise and less than 5% of the population use their services or have an account . only a bloody revolution can bring some order and justice to our people
Nana Yaa New York city 9 years ago

People gleefully tow the line that banks are sharks.Banks do operate within a certain economic enviroment it will take a whole lecture to bring into being the operations of banks vis a vis the depositors!My point is on the ...
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People gleefully tow the line that banks are sharks.Banks do operate within a certain economic enviroment it will take a whole lecture to bring into being the operations of banks vis a vis the depositors!My point is on the part of savers why do we save and how do we save?where do we get the money to spend and get a surplus to deposit for future needs?On corporate customers have we taken them out from the equation?who come to buy for them to get money to deposit snd if the banks are lending what are the risks?to cover depositors monies?what about the huge operational cost of
Annorwuo 9 years ago

Commonsense for a change! And guess who is gaining the most in this 'obscene' bonanza,the foreign banks. Check the interest rate spread in Nigeria, and you`1l realize this guy is not talking through his back-end! Nothing tha ...
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Commonsense for a change! And guess who is gaining the most in this 'obscene' bonanza,the foreign banks. Check the interest rate spread in Nigeria, and you`1l realize this guy is not talking through his back-end! Nothing that Fiifi Kwetey has said suggests he is opposed to the banks making a decent profit!
sammy 9 years ago

Force them with laws and taxes, If they will not reduce thier interested rates just tax their profits away, That is the only solution. Touching them where its hurts most

Force them with laws and taxes, If they will not reduce thier interested rates just tax their profits away, That is the only solution. Touching them where its hurts most
Homesense 9 years ago

Taxes will not work as the banks will pass all taxes to customers and make banking expensive to the already impoverished Ghanian

Taxes will not work as the banks will pass all taxes to customers and make banking expensive to the already impoverished Ghanian
Abdul-Mumin, Malaysia 9 years ago

Is this is a sign of "throwing in the towel' Mr Minister? The good people of Ghana gave your entire team the mandate to do things right for them, but not to complain. Who should fix the issues you raised then? May God Almight ...
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Is this is a sign of "throwing in the towel' Mr Minister? The good people of Ghana gave your entire team the mandate to do things right for them, but not to complain. Who should fix the issues you raised then? May God Almighty give Ghana leaders who will do much, but talk less.

Interest rates are as low as 3 per cent here in Malaysia. Not even the foreign banks could dare do things in their own way. THERE MUST BE RULES IN THE COUNTRY THAT WORK FOR THE PEOPLE, AND NOT SOLELY FOR WEALTHY CORPORATIONS, PLEASE !
KWAME NYAME,MIAMI-FLORIDA,USA 9 years ago

PRIVATE,ESPECIALLY,THE NIGERIAN BANKS, ARE THE MAIN CAUSE OF THE UNCONTROLLED DEPRECIATION OF THE CEDI.ARE OUR SO- CALLED LEADERS SLEEPING SO DEEP TO NOTICE THIS NAKED EXPLOITATION AND HUGE REPATRIATION OF FOREX FROM GHANA CA ...
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PRIVATE,ESPECIALLY,THE NIGERIAN BANKS, ARE THE MAIN CAUSE OF THE UNCONTROLLED DEPRECIATION OF THE CEDI.ARE OUR SO- CALLED LEADERS SLEEPING SO DEEP TO NOTICE THIS NAKED EXPLOITATION AND HUGE REPATRIATION OF FOREX FROM GHANA CAUSING THE HYPER INFLATION?
K . Rich 9 years ago

Hi

Hi
CEDI DEPRECIATION 9 years ago

This guy doesn't understand the dynamics of the market and reasons and talks like a sociologist. Funny he was in the Finance and Economic Planning ministry, and doubly funny was the fact that, it was thought he had any mental ...
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This guy doesn't understand the dynamics of the market and reasons and talks like a sociologist. Funny he was in the Finance and Economic Planning ministry, and doubly funny was the fact that, it was thought he had any mental acuity and experience as well as the exposure to bring to the table to drive national growth at the MOFEP from his propagandist background. The pathetic state of the economy is evidential testimony of his appointment and other such appointments.
Daddy 9 years ago

You are the ones to provide necessary laws and guidelines for the citizens
including property owners. In the absence of this TDC will sell land at high dollar price and again collect ground rent every year fro buyers.
Gove ...
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You are the ones to provide necessary laws and guidelines for the citizens
including property owners. In the absence of this TDC will sell land at high dollar price and again collect ground rent every year fro buyers.
Government enterprice
James 9 years ago

Mr Minister , Did you ever learn the Newton's law of Motion???

Mr Minister , Did you ever learn the Newton's law of Motion???
Annorwuo 9 years ago

Journalists have little understanding of how the Ghanaian economy operates! How can what he has said be construed as an attack on banks operating in this country? Don`t our old folks give the same advice in this this Akan ad ...
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Journalists have little understanding of how the Ghanaian economy operates! How can what he has said be construed as an attack on banks operating in this country? Don`t our old folks give the same advice in this this Akan adage:"Adidi daa na 3y3,na eny3 adidi preko".
GYATA-KLANTE 9 years ago

It is a shame that for months officials of MASLOC have failed to sign cheques for people who have been approved for loans. The place needs a shake up. Wake up, Mahama, MASLOC officials are sabotaging the better Ghana agenda. ...
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It is a shame that for months officials of MASLOC have failed to sign cheques for people who have been approved for loans. The place needs a shake up. Wake up, Mahama, MASLOC officials are sabotaging the better Ghana agenda. The Chief Executive is sleeping on the job.
KOJO 9 years ago

fool who are u complaining to ? ain't u in govt to solve problems? ewe thieve!!

fool who are u complaining to ? ain't u in govt to solve problems? ewe thieve!!
kiki 9 years ago

Why are you now making this observation?
just because of changing seat?Why did you kept your mouth shut until now?.Ghana is down.

Why are you now making this observation?
just because of changing seat?Why did you kept your mouth shut until now?.Ghana is down.
Sam KK 9 years ago

I fully support Fiifi's view on the banking sector. But can't the govt do something about this in the form of policy regulation, laws, taxes on banks' profits? This is the type of discourse Ghanaians should be engaging in and ...
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I fully support Fiifi's view on the banking sector. But can't the govt do something about this in the form of policy regulation, laws, taxes on banks' profits? This is the type of discourse Ghanaians should be engaging in and not the usual politicization of all issues.
OKOE 9 years ago

SOMETHING IS RADICALLY WRONG WITH THE BANKING LAWS IN GHANA. A FRIEND BROUGHT DRAFT TO GHANA IN DOLLARS AND HAD TO SEND IT BACK. THEY ARE URGING HIM TO CONVERT OR HE EARNS NOTHING ON HIS DOLLARS IN GHANA. THE CEDI IS DEPRECIA ...
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SOMETHING IS RADICALLY WRONG WITH THE BANKING LAWS IN GHANA. A FRIEND BROUGHT DRAFT TO GHANA IN DOLLARS AND HAD TO SEND IT BACK. THEY ARE URGING HIM TO CONVERT OR HE EARNS NOTHING ON HIS DOLLARS IN GHANA. THE CEDI IS DEPRECIATING FASTER THAN ONE WOULD IMAGINE SO YOU CONVERT AND SOONER YOU WILL REALISE YOU ARE LOOSING THE VALUE OF ONE'S DOLLARS. HE SENT IT BACK, CASE CLOSED.
KWAME KWAME 9 years ago

The action of the Central Bank of Ghana makes one believe that Governor of Bank of Ghana is not independent. The independence of the Central Bank of a country is vital so that IT can institute better monetary policies irrespe ...
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The action of the Central Bank of Ghana makes one believe that Governor of Bank of Ghana is not independent. The independence of the Central Bank of a country is vital so that IT can institute better monetary policies irrespective of the Government in power. In fact, the Governor of the Central Bank should be nominated by the President but vetted by Parliament. He/she should be given say an initial 5 year contract, renewable for another 5 years for a total of 10 years. The contract would be renewed by parliament instead of the President based on his or her prior performance. With this type of arrangement, there will be job security for the Governor even when there is a change of government. The Governor in this respect becomes non-partisan and independent. If this is not the current arrangement, then Parliament should make the necessary legislative changes to give more power to our Central Bank Governors who would be chosen purely on merit. This is the only way s/he can work with other sectors of the economy especially the Ministry of Finance and the private commercial banks operating in the country.
KWAME KWAME 9 years ago

The huge issuance of treasury bills and bonds by the Bank of Ghana is seriously CROWDING OUT the private sector of the economy of Ghana, that is, there is lack of access to finance for the businesses in the country especially ...
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The huge issuance of treasury bills and bonds by the Bank of Ghana is seriously CROWDING OUT the private sector of the economy of Ghana, that is, there is lack of access to finance for the businesses in the country especially for the small and medium enterprises (SMEs) THAT CAN TRANSFORM THE ECONMY. As we all know the private sector is the engine of growth for any nation. If we crowd out the private sector, how can we develop our economy? Currently these treasury bills and bonds are yielding or paying interest of between 20 -28% APR. If I am a commercial bank operating in Ghana, why will I lend money to any private companies that are normally considered risky investments at say 20% return, if I can invest in risk-free Government Treasury bills paying me the say or more than 20% returns? THREE changes are required: First, the amount of treasury assets issued to finance Government expenditures should be drastically reduced. That is, there is need to tighten the monetary policy.

Second, the Bank of Ghana can buy back some of these Treasury assets held by commercial banks to make more funds available to these banks for on-lending to businesses and individuals (for their spending needs)
Third, The amount of treasury assets commercial banks can keep on their balance sheets needs to be drastically reduced by the Central Bank. BoG policy changes can cause this to happen.
Fourth, the interbank interest rate that is charged when banks borrow/lend among themselves has to also be reduced drastically.
With this four simple reforms, the commercial banks will have no other options but to start to look at more potential investments from the private sector (SMEs) in order to keep their operations as going concerns and profitable. These reforms will surely help channel more needed financing to our private businesses, industries and individuals, thereby boosting the economy. As we grow the private sector, the tax base will be enlarged and through enhanced fiscal policy (taxes), the Government will grow its revenues for its budgeted expenditures in a rather more sustainable manner. This is why it is is very important that the Governor of the Bank of Ghana MUST BE INDEPENDENT. She/he can then institute these not so popular but robust policies for the benefit of the tax payer or all Ghanaians and not for just the party in power.
KWAME KWAME 9 years ago

Congratulations to Honorable Fiifi Kwetey on his appointment as the Minister of Agriculture. I am sure with his finance background and his pragmatism, he will be able to bring about the needed TRANSAFORMATIONAL CHANGE WE NEE ...
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Congratulations to Honorable Fiifi Kwetey on his appointment as the Minister of Agriculture. I am sure with his finance background and his pragmatism, he will be able to bring about the needed TRANSAFORMATIONAL CHANGE WE NEED IN THE AGRICULTURAL SECTOR OF THE ECONOMY. Agriculture should be treated as a BUSINESS - period. If he takes that approach, he will be remembered as one of the best ministers for the sector in many years. All the best Mr. Kwetey.
KWAME KWAME 9 years ago

While the minister may have a point, he should also know that the main objective of the private commercial banks is to increase their shareholders' wealth. In that respect they will only try to invest in potential profitable ...
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While the minister may have a point, he should also know that the main objective of the private commercial banks is to increase their shareholders' wealth. In that respect they will only try to invest in potential profitable short term businesses/known entrepreneurs in order to reduce their risk exposures. Their focus is mainly on the short term and not on the medium to long term. This explains why many businesses and entrepreneurs in the country will have difficulty accessing finance from the commercial banks, except of course you are highly connected. SOLUTION: There is urgent need to transform our economy and create jobs for the youth especially. A sure way to achieve inclusive and sustainable growth is through industrialization and construction activities. All such projects require medium to long term financing. Since commercial banks are interested maily in short term financing such as trade financing, the Government needs to step in and set up special Development Banks whose mandate would be to finance medium and long term projects. Unlike the development banks currently operating in the country, the new development banks of the future should be "development focused but commercially managed or run."
Annorwuo 9 years ago

Entities too, will not stray from their core mandate? What have the ADBs,NIBs and the rest of the banks created purposely to fill certain voids done to justify their existence? Look, the performance matrix for these specializ ...
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Entities too, will not stray from their core mandate? What have the ADBs,NIBs and the rest of the banks created purposely to fill certain voids done to justify their existence? Look, the performance matrix for these specialized banks ought to be completely different from that for the 'Makola' type banks;and Wampah should take a lead role in bringing this about. You talk about construction activities,but where is the mortgage money to support a vibrant housing sector to ease the very acute housing problem,and also help boost employment?
KWAME KWAME 9 years ago

That is why we need new development banks which will have a development focus but commercially managed by people selected on merit rather than on political affiliation. So you are right, the new development banks I am propos ...
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That is why we need new development banks which will have a development focus but commercially managed by people selected on merit rather than on political affiliation. So you are right, the new development banks I am proposing should be specialized. Certainly, such development banks could include a construction and mortgage bank
Annorwuo 9 years ago

Constrained in any way,not at all!!
I know the guy from his McGill days,and I must say his overall performance has been lethragic. The gentleman is an 'insider',and ought to be very familiar with the terrain he is dealing wi ...
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Constrained in any way,not at all!!
I know the guy from his McGill days,and I must say his overall performance has been lethragic. The gentleman is an 'insider',and ought to be very familiar with the terrain he is dealing with!
So why all these 'knee-jerk' reactions that have given rise to all the hulabaloo?
B B 9 years ago

Good point by the minister.A banking system that only indulges in short term profit is bad.Giving money to traders to go to Dubai,China and thwen sell.We need also loans to budding entrepreneurs who will build suistainable bu ...
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Good point by the minister.A banking system that only indulges in short term profit is bad.Giving money to traders to go to Dubai,China and thwen sell.We need also loans to budding entrepreneurs who will build suistainable businesses for Ghanaians.unfortunately if you make money ,that is what the country likes. Great countries and companies are buil by loans for long term investments.So far it is lacking in Ghana.The government can change it,
Tolar 9 years ago

Very hard talk and the truth as well. However, doesn't the government have the power to check and control all this? If the government becomes more disciplined, it can then discipline others.

Very hard talk and the truth as well. However, doesn't the government have the power to check and control all this? If the government becomes more disciplined, it can then discipline others.
Paa Joe 9 years ago

ARE THE BANKS IN GHANA NOT UNDER THE CONTROLL OF THE BANK OF GHANA.

PLEASE, DO NOT INSULT THE INTEELLIGENCE OF THE COMMON MAN IN THE STREET OF GHANA.

ARE THE BANKS IN GHANA NOT UNDER THE CONTROLL OF THE BANK OF GHANA.

PLEASE, DO NOT INSULT THE INTEELLIGENCE OF THE COMMON MAN IN THE STREET OF GHANA.
NTIKUMA ANANSE 9 years ago

WHAT DOES THIS SCHOOLBOY KNOW ABOUT BANKING, FOR HIM TO COMMENT ON BANKING OPERATIONS HE DOES NOT UNDERSTAND NOR KNOW NOTHING ABOUT. OH GHANA, WHAT HAVE YOU DONE TO DESERVE SUCH MEDIOCRITY AND LOW STANDARDS.

WHAT DOES THIS SCHOOLBOY KNOW ABOUT BANKING, FOR HIM TO COMMENT ON BANKING OPERATIONS HE DOES NOT UNDERSTAND NOR KNOW NOTHING ABOUT. OH GHANA, WHAT HAVE YOU DONE TO DESERVE SUCH MEDIOCRITY AND LOW STANDARDS.
mm 9 years ago

another stupid guy. is it not the same idiot who insulted Hon. Bawumia for speaking about financial crisis ? Calling this animal a minister. He's a disgrace to the aountry ...HE EVEN LOOKS DIRTY.

another stupid guy. is it not the same idiot who insulted Hon. Bawumia for speaking about financial crisis ? Calling this animal a minister. He's a disgrace to the aountry ...HE EVEN LOOKS DIRTY.
cheap backlinks 9 years ago

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Fiifi Kwetey attacks banks

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