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Business News of Tuesday, 21 August 2018

Source: Myjoyonline.com

World Bank supports actions by BoG to sanitize banking sector

The World Bank has given its support to the measures taken by the Bank of Ghana to ensure sanity in the banking sector.

According to the World Bank, the banking sector is a major key player in the nation's development hence the need for a strong industry to support the country's growth.

Country Director of the World Bank, Henry Kerali in an interview with JoyBusiness said, "I have seen the actions taken by the Central bank in revoking the licenses of some five ailing banks to form the consolidated bank.”

Mr Kerali said, “We welcome the idea and we hope that it will lead to a good financial industry for the country. This will also prevent the situation of the problem spreading to the other banks which will lead to total collapse of the system.”

Meanwhile, Henry Kerali has also been advising aggrieved shareholders of the defunct banks to use the necessary structures to seek redress if they have any challenge.

He is optimistic this will to sanitize the banking sector.

“I believe in the legal institutions of the country; I think Ghana has a robust legal system which has the necessary mechanisms to redress the situation."