Ghana: President Nana Akufo-Addo supports central bank reforms

May 25, 2018 | FinancialAfrik

“We can not afford instability or recklessness in the banking and financial sectors. Because any loss of confidence in the banks can only produce a ripple effect on the stability of the economy as a whole."

It is through this statement made at the opening of the 3rd CEO Summit of Ghana, in Accra on May 21-22, 2018, that Ghana’s President Nana Akufo-Addo affirmed her favorable position on the reforms undertaken by the Central Bank of Ghana (BoG). These reforms include the requirement for a minimum capital of 400 million Ghanaian cedis, or about 90 million dollars, for banks operating in the country. The Ghanaian president has announced that his government will support the BoG to take strong measures to correct the shortcomings in the provision of banking and financial services in order to maintain the stability of the economy. Akufo-Addo also estimated that a banking sector dominated by foreign banks does not bode well for the Ghana Beyond Aid program. “It is essential that local banks grow and survive all significant reforms of the banking system. I am convinced that the regulator is in favor, “he added, calling on the Central Bank to work on strengthening local banks. Source: Financial Afrik