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The central bank recently canceled the licenses of 9 local banks and 386 microfinance institutions because of a severe capital write-down, as part of the government's strategy to clean up the banking sector.
According to Spio-Garbrah, the central bank has made a mistake by licensing as many MFIs. In his opinion, the issuance of operating licenses should have been staggered according to performance.
Talk to FM clbad After the meeting in Accra of the "Get It Right 2019 Clinic" for young people and entrepreneurs, Spio-Garbrah voiced concerns about the central bank's licensing criteria.
"I do not think the Bank of Ghana (BoG) should have issued 500 microfinance licenses. Under normal circumstances, you would expect them to publish a few at a time, "he said.
The former minister said he was convinced that the central bank had learned the lessons of the clean-up operation that will inform the strengthening of the regulations to avoid the repetition of past mistakes and spawn " reforms in the insurance sector, microfinance, rural banks and other institutions ". to ensure better health in our economy. "
The former Minister of Communication also asked the Ghanaian business community to demonstrate integrity, problem-solving spirit and emotional intelligence in order to flourish.
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