The Private Enterprise Federation wants the Bank of Ghana to provide guidelines to sustain local banks

Nana Osei Bonsu - CEO, PEF
  • The Bank of Ghana during the process of sanitising the banking sector merged some local banks.
  • The Central bank said this was done in a bid to ensure a stronger and robust financial sector.
  • Even though the Private Enterprise Federation believes it was a good thing, they also want the BoG to develop a framework that will ensure that the local banks grow.

The Private Enterprise Federation (PEF) has called on the Bank of Ghana to make available strategic guidelines which will help the local banks in the country to become stronger to match up to the standard of the foreign banks.

According to the Chief Executive Officer of PEF, Nana Osei Bonsu this will ensure that the local banks have enhanced skills and capabilities to serve the nation.

“Most of our financial institutions should be local ownership and that involves a lot of liquidity and investment coming from domestic investors.”

He explained that the Ghanaian economy cannot grow as expected and produce the needed results if it is dominated by foreign interests through foreign companies.

He added that in order to ensure local content, now is the time for the Bank of Ghana to develop some guidelines that will sustain the operations of local banks

In sanitising the banking sector, the BoG merged some local banks. The Central bank said this was done in a bid to ensure a stronger and robust financial sector.

Nana Osei Bonsu said that the BoG must be commended for saving some local banks from collapse. He, however, added that a lot needs to be done in ensuring a robust financial sector.

“So what we are saying is how are the Bank of Ghana and the Government of Ghana trying to strengthen the local banking institutions owned by local investors to be able to become strong and provide the kind of funding and banking services to our local industries.”

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