Indigenous Banks Crucial To Ghana Beyond Aid

President Akufo-Addo has called on the Central Bank to look for ways to strengthen the local banks in the country.

This follows the fear by many that the introduction of the new capital requirements by the Bank of Ghana (BoG) will lead to many local banks collapse.

According to the President, the idea to move Ghana beyond aid will depend heavily on a sound financial environment hence the local banks are very critical in this regard.

Speaking at the 3rd Ghana CEOs Summit in Accra, he urged the Central Bank to work towards strengthening indigenous banks as the Ghana Beyond aid agenda cannot be achieved with only foreign banks.

President Akufo-Addo also charged the private sector to do all it can to support the move by the Central Bank to restore confidence in the banking sector.

“My government will give all the necessary assistance to the regulator in ensuring that Ghanaians have confidence in the sector,” he said.

Meanwhile, the Country representative of the International Monetary Fund (IMF) Natalia Koliandina has given a thumbs up to the Bank of Ghana for strict measures put in place recently to ensure that the country's banking environment is safe and strong.

Natalia Koliadina was one of the panellists at the ongoing Ghana CEOs Summit in Accra.

The opening of the CEOs Summit brought together Business Entrepreneurs and managers of industries and private sector Businesses from all sides of the economy.