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Business News of Monday, 29 October 2018

Source: classfmonline.com

Stop panic withdrawals – BoG


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The Bank of Ghana (BoG) has advised the public to stop panic withdrawals from banks and other financial institutions.

Speaking to journalists on the sidelines of a training workshop for Journalists for Business Advocacy (JBA), the Special Advisor to the Governor of the Bank of Ghana, Dr Ben Amoah said: “Don’t panic to put undue pressure on them”.

He added: “When you need the money, go there, they have money for you, but if you don’t need the money, don’t go and queue with people and withdraw your money.

“If we all do that, no bank can survive in the world”, he cautioned.

The central bank’s advice dovetails into a one-man anti-panic withdrawal campaign being waged by the now-resigned Chairman of all Groupe Nduom companies in Ghana, Dr Papa Kwesi Nduom, whose bank, GN Bank; and investment company, Gold Coast Fund Management; have been hit by panic withdrawals in the past few months following the collapse of seven local banks.

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