Banking sector reform yielding sure effects – Akufo-Addo
President Nana Akufo-Addo says the prudent measures taken through his management and the Financial institution of Ghana to save lots of and sanitise the banking sector are starting to yield sure effects.
Talking on the formal opening of the brand new head workplace development of CalBank, on Wednesday, that said that “on the finish of the primary quarter of 2019, the banking trade efficiency in general property, general deposits and web loans and advances, all noticed sure expansion.”
In keeping with the March 2019 Banking Sector Document of the Financial institution of Ghana, “an evaluation of the banking sector’s efficiency right through the primary two months of 2019 confirmed a well-capitalized, winning, liquid and solid sector with sturdy possibilities for greater monetary intermediation.”
From the above, the President said that “it’s glaring that the measures we took stored the banking trade from an overly dire state of affairs, characterized through the lifestyles of a number of weakly capitalized banks, with stability sheets laden through a large number of low acting loans, pursuing unhealthy trade fashions with deficient governance practices, and, in large part, non-existent central financial institution legislation.”
Those measures, he wired, stored now not most effective the deposits of a few 1.five million Ghanaians, their companies and the folks they hired, but in addition minimised task losses within the banking sector.
Describing the brand new head workplace development as an excellent piece of structure, President Akufo-Addo thanked the financial institution for being an integral a part of Ghana’s financial tale during the last 3 many years and has confirmed itself to be a forged financial institution.
Executive, the President mentioned, will proceed to paintings and construct a sturdy monetary sector, with Ghanaian banks, expectantly, main the price.
“We can paintings with monetary establishments and regulators to advertise virtual finance and cell cash utilization, and, thereby, formalise the Ghanaian economic system,” he mentioned.
President Akufo-Addo persisted, “Already, cell cash penetration in Ghana is the second one perfect in Africa, and, with reforms to our cost device, we wait for that Ghana could have a robust aggressive edge within the area for monetary innovation and get entry to to credit score. We also are running onerous to cut back rates of interest, and our efforts have yielded some modest successes.”
The President confident that the federal government he leads will proceed to inspire home champions to develop, and take vital positions in key sectors of the economic system.
“A cautious look of the luck of CalBank fortifies my trust that, with onerous paintings, ingenuity, innovation and creativity, we will realise the imaginative and prescient of a Ghana Past Help,” he added.
As Co-Chair of the United Countries Secretary Basic’s Team of Eminent Advocates at the 2030 Sustainable Building Objectives (SDGs), President Akufo-Addo used to be gratified through CalBank’s resolution to make use of blank, inexpensive power from the 500 Kilo Watt sun plant put in of their facility, in realisation of Objective No. 7 of the SDGs.
“Once more, in my capability because the African Union Gender Champion, I’m happy to be told that there are extra ladies than males in control positions on the Financial institution, additionally in fulfilment of Objective No. five of the SGDs.
“Obviously, the Board and Control of the Financial institution perceive the significance of the SDGs and their really helpful affect on trade,” the President added.
He indicated that the formal opening of the brand new workplace development “is the beginning of a brand new thrilling bankruptcy of expansion and innovation for CalBank”, and congratulated the Board Chair, Participants of the Board, Managing Director, and the control and personnel for bringing CalBank up to now.