Bank of Ghana to ensure prudent banking practices

The Graphic reports that the Bank of Ghana is to introduce more stringent measures to ensure prudent banking practices improve management skills and instil financial discipline in Ghana?s banking system.

The paper reports the Governor of the bank, Dr Kwabena Duffuor as announcing this in a speech read for him at the commissioning of a 1.8 billion-cedi office building for the la Community Bank in Accra. Dr Duffuor said the Central bank has identified some unprofessional banking and operational lapses in the unit-banking sector, which must be tackled immediately to guarantee growth in the sector. He mentioned some of the lapses as non-reconciliation of accounts, non-balancing of ledgers, non-submission of returns, inadequate provisions against loan losses and weakness in the internal control systems.