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Business News of Thursday, 30 June 2016

Source: dailyguide

CDS justifies military bank set up

The Chief of Defence Staff (CDS), Air Marshall Samson Michael-Oje, has justified the pro­posed establishment of a bank by the Ghana Armed Forces (GAF).

The military bank is to be called the Service Integrity Sav­ings & Loans Company.

Bank of Ghana (BoG) has already consented to the request and accordingly granted all the necessary permits for the bank to start operations.

However, civil workers and service personnel of the GAF are said to be unhappy with the deci­sion to establish the military bank.

Speaking to BUSINESS GUIDE at a press conference in Accra yesterday over the issue, the CDS said the civil workers and service personnel of GAF have no option but to accept the establishment of the bank if they want their salaries.

Air Marshall Samson Michael-Oje said all the salaries of the mili­tary officers would be paid direct­ly to the military bank after its establishment.

According to him, the military bank would have branches in every unit of GAF to ensure easy access for personnel, adding that "we'll have similar ones in town."

He argued that payment of salaries through the military bank would help check ghost names.

Dismissing the arguments by pundits that the bank should not be established, he said other armed forces in the world own banks and other businesses.

GAF is growing and it is nec­essary to come out with innova­tive ideas to ease pressure on gov­ernment, he added.