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President Akufo-Addo urges BoG to work without fear

Nana Akufo-Addo has urged the central bank to carry out its role without fear of favor to ensure that local banks are not pushed out of the banking sector.

President Nana Akufo-Addo has urged the central bank to carry out its role without fear of favor to ensure that local banks are not pushed out of the banking sector.

According to the President, it is important that the central bank is allowed to carry out its duty without any political interference.

The Association of Indigenous Banks last month presented a petition to President Akufo-Addo on Monday, April 9, calling on him to help them meet the 400 million cedis recapitalization requirement by extending the deadline to December 31st, 2022.

Addressing the gathering at this year’s CEO’S Summit, President Akufo-Addo called on the Bank of Ghana to carry out its duties without any political interference.

“We cannot afford instability or recklessness in the banking or financial sectors. For any loss of confidence in the banks is bound to have a ripple effect on the stability of the economy as a whole,” he warned.

He observed that the central bank is autonomous, hence must be allowed to carry out its duties to grow the financial sector.

I want to urge all of us to allow the regulator (Central Bank) to deal with these matters to restore sanity and confidence. It is in our interest that all financial matters are dealt with professionally and without any political interference no matter how tempting.”

The president went on to encourage the Bank of Ghana to ensure that Ghana’s banking industry is not dominated by foreign owned banks.

“It is important that the regulator recognizes that a banking sector dominated by foreign owned banks does not bode well for the Ghana beyond aid project. It is essential that indigenous banks grow and survive in any meaningful reform of the banking system. And I’m confident that the regulator appreciates this.”

THE 3RD CEO SUMMIT

The 2-day summit which is being held on May 21 and 22, 2018 will serve as the biggest gathering of Ghana’s CEO’s.

This year’s summit under the theme “Leadership, Innovation and Investment for Business and Economic Transformation”, was organized under the distinguished patronage of President Nana Akufo-Addo.

The 2-day summit will be used in addressing critical issues affecting Ghana’s private sector through presentations by international experts such as Roger Harrop (International Speaker) as well as high-level panel discussions on topics such as “Growth in Ghana: Rising or Falling”, “Evolving Trends in Governance and Board Leadership”, “What does the fourth industrial revolution mean to Ghana” among others.

The 3rd Ghana CEO Summit is a platform which provides an opportunity for CEO’s and other business leaders to meet, network and form partnerships for growth.

The CEO’s Summit since it begun has played host to more than 1200 attendees from about 1,000 participating organizations.

The 3rd Ghana CEO Summit is organized by the Chief Executives Network Ghana Limited in partnership with the Ghana Investment Promotion Centre (GIPC)

and Deloitte.

By: Bobbie Osei/citibusinessnews/Ghana

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