[ad_1]
Company News of Monday, July 15, 2019
Source: clbadfmonline.com
2019-07-15
Former Minister of Commerce, Mr. Ekow Spio Garbrah
Ghana's former Minister of Trade and Industry, Ekwow Spio-Garbrah, questioned the Bank of Ghana's approach to licensing financial institutions.
The Central Bank recently canceled the licenses of 9 local banks and 386 microfinance institutions due to a severe capital depreciation, 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.
Addressing Jerry Akornor of Clbad91.3FM at the end of the "Get It Right Clinic 2019" meeting in Accra for young people and entrepreneurs, Mr Spio-Garbrah expressed his concerns regarding the criteria for licensing of the central bank.
"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.
Source link
