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Business News of Sunday, 1 September 2019

Source: Myjoyonline.com

When will any local bank rise? Duncan-Williams laments

The General Overseer of the Action Faith Chapel International has said it troubles him that there is no indigenous bank that has been able to make it internationally.

Archbishop Anthony Duncan-Williams during his Sunday morning sermon lamented the lack of support for local banks.

“I have not seen one Ghanaian bank on CNN, is all Nigerian banks on CNN advertising. It breaks my heart and I ask myself when will any bank in Ghana rise to be in compliance, do the right thing and succeed? he lamented.

His comments come at a time the central bank has closed over 300 microfinance companies as the last phase of its clean-up of the financial sector.

In August 2018, the Bank of Ghana revoked the licences of uniBank Ghana Limited, The Royal Bank Limited, Beige Bank Limited, Sovereign Bank Limited, and Construction Bank Limited.

In 2017, UT Bank and Capital Bank doors were closed permanently, as BoG explained that the banks were “unable to develop an acceptable plan.”

This development the pastor believes doesn’t augur well for a country wanting to create jobs and wealth for its citizenry.

The archbishop wants government to follow the protectionist policies of the Nigerian government, which has seen many of its banks flourishing and entrepreneurs succeeding both locally and internationally.

Citing Aliko Dangote, a Nigerian business magnate estimated to be worth $10.6 billion to support his claim, the man of God said, “the Nigerian government made sure one of their own rose to become a household name.”

He claimed the contrary is what is pertains in Ghana.

Duncan-Williams told his congregation that foreigners have taken over the business and every space in the country because the government prefers foreigners to prosper than its own people.

“They prefer to cut deal with foreigners and let foreigners take our inheritance and give us crumbs and peanuts rather than to make deals with a Ghanaian,” he observed.

He alleged that it is this attitude which has seen successive governments attacking Zoomlion, an indigenous sanitation company with other business interest.

“I don’t want to be political but if you look at people like Zoomlion and others, Zoomlion is a Ghanaian, but every government that has come will go after Zoomlion because they don’t understand why a Ghanaian should make it that big,” he said

“The level of insecurity, jealousy and envy in this country is amazing. Our political system is designed to enhance jealousy and envy. We have become a society of bringing down one another,” he added.