Banks in Ghana have indicated their commitment to collaborate with the government, relevant ministries, the Bank of Ghana, and other regulatory bodies to ensure a quick turnaround of the economy.

According to President of the Ghana Association of Banks (GAB), Mansa Nettey, the banks believed that a collaborative effort of all stakeholders would ensure that the banking industry continues to operate within a sound environment to continue to deliver on our mandate.

Speaking at the 40th annual general meeting of the GAB, Mansa Nettey, who is also the Managing Director of Standard Chartered Bank said member banks would continue with their regular scenario planning and stress testing, rigorous market research, implementation of a more robust risk assessment and management system and possible hedging of balance sheet positions.

According to her, the association would continue to embark on seminars on principles of capital adequacy and liquidity of banks which would provide the platform for key stakeholders in the banking industry to hold extensive deliberations on the subject and improve a general understanding of stakeholders on the principles underlying the determination and application of capital adequacy ratio in banking operations, while meeting pertinent regulatory requirements.

This is coming on the back of the Domestic Debt Exchange Programme and its impact on banks and the economy.

She said “We will continue to embark on seminars on principles of capital adequacy and liquidity of banks which will provide the platform for key stakeholders in the banking industry to hold extensive deliberations on the subject and improve general understanding of stakeholders on the principles underlying the determination and application of capital adequacy ratio in banking operations, while meeting pertinent regulatory requirements.”

The establishment of the African Continental Free Trade Area (AfCFTA), she said, presented institutions in the banking industry with the unique opportunity to collaborate and expand their business operations and clientele base, facilitate credit for businesses through intermediation, contribute meaningfully towards the reduction of unemployment through direct employment and job-creation opportunities, accelerate development and growth of the financial sector and play enabling role in critical sectors.