We will not stop issuance of permits to foreign banks- BOG

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September 8, 2015 2:11 PM

Indigenous Ghanaian banks are complaining of being choked out by foreign banks entering the country, and have petitioned the Bank of Ghana to put a freeze on the issuance of more permits.

The Bank of Ghana has rejected calls from the domestic players in the banking sector to suspend the issuance of banking permits.

There are 29 banks in Ghana so far, and there are criticisms of the number being to big for a market like Ghana's.

Meanwhile, Head of Banking Supervision at the Bank of Ghana, Franklyn Belnye says

Mr. Belnye added that a freeze the issuance of licenses will also affect indigenous applications and not foreign applications only, which is why, according to him, it may not be a good idea. He further disclosed plans the Bank of Ghana had put in place to further strengthen indigenous banks.

There's a need for strong local banks, not many local banks. The focus must be on strength and not number."

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