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Banking sector reform yields positive results – Akufo-Addo

Company News of Wednesday, May 22, 2019

Source: dailyguidenetwork.com


Banking sector Hg34 Akufo-Addo in a group photo with CalBank managers

The President of the Republic, Nana Addo Dankwa Akufo-Addo, said the prudent measures taken by her administration and the Bank of Ghana to save and clean up the banking sector were starting to produce positive results.

Speaking at the official opening of the new headquarters building of the Bank of Ghana on Wednesday, May 22, 2019, President Akufo-Addo said that "at the end of the first quarter of 2019, the performance of the banking sector in terms of total assets, total deposits and loans and net advances all recorded positive growth. "

According to the Bank of Ghana's Banking Sector Report released in March 2019, "An assessment of the performance of the banking sector in the first two months of 2019 revealed a well-capitalized, profitable, liquid and stable sector with strong investment prospects. 'financial intermediation'.

According to the above, the President said that "it is obvious that the measures we have taken have saved the banking sector from a very difficult situation, characterized by the existence several small-cap banks, with balance sheets burdened with a multitude of low-performing loans. poor business models with poor governance practices and, largely, non-existent regulation of the central bank. "

These measures, he said, not only saved the deposits of about 1.5 million Ghanaians, their businesses and the people they employed, but also played down job losses in the banking sector.

Describing the new headquarters building as an impressive architecture, President Akufo-Addo thanked the bank for being an integral part of Ghana's economy over the last three decades and has proven to be a solid bank.

The government, the president said, will continue to work and build a sustainable financial sector, with Ghanaian banks, which hopefully will lead the charge.

"We will work with financial institutions and regulators to promote digital finance and the use of mobile money, and thus formalize the Ghanaian economy," he said.

President Akufo-Addo added: "The penetration of mobile money in Ghana is already the second highest in Africa and, with the reforms of our payment system, we expect that Ghana will have one. significant competitive advantage in the region in terms of financial innovation and access to credit. . We are also working hard to reduce interest rates, and our efforts have yielded some modest successes. "

The president assured that the government he will lead will continue to encourage national champions to grow and take significant positions in key sectors of the economy.

"A careful look at CalBank's success reinforces my belief that through hard work, ingenuity, innovation, and creativity, we can realize the vision of the company." a Ghana Beyond Aid, "he added.

As Co-Chair of the UN Secretary-General's Leading Advocates Group for Sustainable Development Goals (SDGs) for 2030, President Akufo-Addo welcomed the decision of CalBank to make a decision on the issue. use clean and affordable energy from the 500-kilowatt solar plant installed in its facility to achieve Goal 7 of the Sustainable Development Goals.

"Again, as the champion of the African Union for Gender, I am pleased to learn that there are more women than men in leadership positions at Bank, which also corresponds to SGD Goal 5. It is clear that the Bank's board and management understand the importance of the SDGs and their beneficial impact on business, "added the President.

He said the official opening of the new office building "marks the beginning of a new and exciting chapter of growth and innovation for CalBank," and congratulated the chairman of the board, members of the board, the general manager, as well as management and staff for bringing CalBank. up & # 39; here.

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