Akufo-Addo Gov't Ensuring Robust Banking Sector – NPP Communicator

Government is leaving no stone unturned to ensure a robust banking sector capable of stimulating rapid socio-economic growth and providing better services to the public.

To this end, government through the Bank of Ghana will continue to ensure sanity in the banking sector as well as protect the interest of depositors as required by law.

The NPP Bono Regional Communications Officer, Asare Bediako Seth, in a Press Release in Sunyani explained that the recent reforms embarked upon by government are meant to strengthen the sector and further ensure its stability; put it in a better position to absorb risks and compel banks to improve their risk control, as they bear the costs of those risks themselves.

GH¢ 5.76 billion bond

Mr. Asare Bediako, also known as ABS added that following the merger of five banks to form the Consolidated Bank Limited, government issued a bond of GH¢ 5.76 billion to cover the gap between the liabilities and good assets assumed by the Consolidated Bank.

“Not too long ago, the BOG had the cause to close down over 100 Micro Finance Companies whose continued operation would bring another “DKM” scam. A total of GH¢ 9.9 billion has been invested so far in restructuring the banking sector”, he further said.

IPEP, PFJ, other interventions

Touching on the government’s Infrastructure for Poverty Eradication Programme (IPEP), he said a total of 90 distressed local companies have been selected for stimulus packages while

a total of 80,000 bags of cereal and legume seeds, 36,000 sachets of vegetable seeds and about two million bags of fertilizers have been distributed under the Planting for Food and Jobs Initiative.

“The government has recruited 850 agricultural extension officers. There is also a new great link between buyers and farmers and this is to avert the situation of no buyer(s) syndrome. To ensure fairness and equity, 34,000 farmers were registered electronically. Also 577,000 farmers were supplied with subsidized fertilizers and seeds. Five warehouses at Yendi, Tamale, Wenchi, Sunyani and Kumasi have been rehabilitated”, he added.

He also said young men and women who are into manufacturing, farming, ICT, agro processing, energy production, waste processing and many more are now enjoying Tax Holidays. After the tax holiday, 20% income tax rate is applicable to young entrepreneurs and this will enable them access credit from the banks.

Transparency, accountability & good governance

He said the passage of the Right to Information Bill is part of measures to ensure transparency accountability and good governance.

The RTI has been passed into law and will provide for the operationalization of the constitutional right to information. The Bill was first drafted in 1999, reviewed in 2003, 2005 and 2007 but was presented to Parliament in 2010 under the NDC. The Bill was finally passed into law under the leadership of Nana Addo Dankwa Akufo-Addo.

Mr. Asare Bediako said the Bill almost suffered another setback from the Minority in Parliament when the Minority Leader called for further amendments to be made.

“He invoked Order 130 for the amendments to be made. But for Majority Leader’s disagreement, the RTI will still be a Bill but not an Act of Parliament.”

According to ABS, the Akufo-Addo led administration “hold our hardworking and distinguished journalists in the high esteem. Journalists are free to express their views on air, print and or on social media under this dispensation.”

“Our current Minister of Information is the accommodating, accessible, tolerant, matured and easy-going person for which the media men will attest to this fact. Anti-government media houses are always given slots or invitations to attend state functions and media encounters or interactions. This is unlike what happened to the likes of Oman FM, Ash FM, Free Press and the Statesman News Paper.

“The President as a human right activist and lawyer in most Ghana Law Reports defended journalists in court of contempt or libel by their publication. As the Attorney General, six months after NPP took power in 2001 ensured the repeal of the criminal libel law.”