Solve challenges in banking sector – Nana Addo to BoG

Magdalene Teiko Larnyoh 16:59 - 18 August 2017

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Speaking on the recent developments in the banking sector where GCB took over UT and Capital Banks, Nana Addo praised the BoG for the swift intervention.

President Nana Nana Addo Dankwah Akufo-Addo called on the Bank of Ghana (BoG) to address the weaknesses in the banking sector.

The president was speaking at the 60th-anniversary lecture organized by the Bank of Ghana in Accra on Friday.

He said: “a weak banking system undermines growth and on and this basis, the current weakness in our banking sector needs to addressed forcefully to minimize any adverse financial consequences to unsuspecting savers and their spillover effects on the economy.”

“Your most recent measures in intervening decisively over the matters of UT Bank and Capital Bank demonstrate your preparedness to act in a manner worthy of a responsible central bank; of a praise worthy regulator. I’m confident that you have the support of the nation,” he added.

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“My understanding is that the roadmap for addressing banking sector weaknesses is being implemented. I urge you as the nation’s central bank to remain committed to the process and to address the challenges confronting the banking sector. This will not only guarantee financial stability but also promote greater confidence in that sector” Akufo-Addo added.

UT and Banks collapsed. They were subsequently taken over by GCB. This has increased GCB’s branches to 214.