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Business News of Wednesday, 25 April 2018

Source: Myjoyonline.com

Government dismisses claims of interfering with BoG's work

Government has dismissed claims that it is interfering with the regulatory role of the Bank of Ghana (BoG).

This follows the decision to set up a committee to deal with challenges confronting some indigenous banks in meeting the new minimum capital requirement.

The president has set up a committee to engage with the local banks on measures to help secure the necessary requirement before December 2018. A development some analysts have criticized.

In an interview with JoyBusiness, Deputy Minister of Finance, Kweku Kwarteng said the action by government is to complement the effort of the bank in sanitizing the financial system.

“Government won’t do anything contrary to what the Bank of Ghana regulation states, we are only trying to support the effort in cleaning the system,” he said.

He spoke to JoyBusiness on the sidelines of the official ceremony to rebrand HFC to Republic Bank after the Trinidad Financial firm acquired a controlling stake in the bank.

Kweku Kwarteng said, “Government has no intention to force the Central Bank to do what is not in their plans.”

On the rebranding, the deputy minister applauded the Republic Financial Holdings group for the successful acquisition.

On his part, Managing Director of HFC, Anthony Jordan said the new brand will open up the bank’s financial portfolio to finance more business and investments.