Address banking sector challenges – Akufo-Addo to BoG

President Nana Addo Dankwa Akufo-Addo has charged authorities of the Bank of Ghana to employ all creative means to address challenges confronting the nation’s banking sector.

“The need to entrench reputation and credibility in the financial system is crucial. A weak banking system undermines growth, and, on this basis, the current weaknesses in our banking sector need to be addressed forcefully to minimize any adverse financial consequences to unsuspecting savers, and their spill-over effects on the economy,” the President said when he delivered the keynote address at the 60th anniversary ceremony of the Central Bank at the La Palm beach Hotel on Friday.

The ceremony was under the theme; “Celebrating 60 Years of Central Banking in Ghana: Achievements, Challenges and Prospects.”

Mr. Akufo-Addo added “my understanding is that a road-map for addressing banking sector weaknesses is being implemented. I urge you, as the nation’s Central Bank, to remain committed to the process and to address the challenges confronting the banking sector.

“This will not only guarantee financial stability, but also promote greater confidence in that sector. Your most recent measures, in intervening decisively over the matters of UT Bank and Capital Bank, demonstrate your preparedness to act in a manner worthy of a responsible central bank, of a praiseworthy regulator. I am confident that you have the support of the nation.” the President stated.

The President’s comments come on the back of the takeover of two indigenous banks – UT and Capital Banks – on Monday by the GCB Bank following the approval of the Central Bank.