Ghanaian banks 'should take responsibility for growth'

Aug 18, 2010

Ghanaian banks need to increase their infrastructure in order to encourage growth in the country's financial sector, Vice-President John Dramani Mahama has stated.

In a speech read on his behalf by Fiifi Kwetey, Deputy Minister For Finance, Mr Dramani Mahama noted it is important the nation's banks take some responsibility for improving Ghana, All Africa reports the Accra Mail as saying.

The Vice-President insisted private sector banks should work with the government to offer simple financial products that can be accessed by Ghana's unbanked population.

And he praised the progress made so far, with his speech reading: "Competition within the financial sector has brought innovation and development of new financial products and services that [have] contributed to growth of business in the financial sector."

Last month, the Bank of Ghana lowered the monetary policy rate to 13.5 per cent and predicted economic growth in the country will begin to pick up in the second half of 2010.