Desist from panic withdrawals of investment —GNCCI

Nana Appiagyei Dankawoso I,President of GNCC

Nana Appiagyei Dankawoso I,President of GNCC

The president of the Ghana National Chamber of Commerce and Industry (GNCCI), Nana Dr Appiagyei Dankawoso I, has said it was in consultation with the Bank of Ghana (BoG) and assured that depositors’ investments were safe.

He has therefore, appealed to the general public to desist from the panic withdrawals of their investments from the banks to save the economy.

“The chamber wishes to assure the private sector that it is engaging government, the BoG and relevant stakeholders to ensure a safe, sound, supportive, and stable financial sector,” he explained.

Nana Dankawoso gave the assurance at a news conference in Accra yesterday.

The news conference was to address some pertinent issues that have generated concerns for which if not addressed could crush the Ghanaian economy.

Among the issues was the implementation of the controversial Cargo Tracking Note (CTN) and the panic withdrawals by depositors of some local banks due to regulatory reforms by the Central Bank.

According to the president, the chamber fully supported the on-going reforms in the banking and the larger financial sector, stressing that “The efforts taken by the Bank of Ghana to strengthen its supervisory and regulatory mechanism and government’s support to the Consolidated Bank of Ghana (CBG) and other indigenous banks are aimed at building robust and resilient financial institutions.”

He said the assurances offered by the BoG and President Akufo-Addo pointed to the fact that the country’s banking sector was not in crisis, stressing that “It is an over-exaggeration of the problem because 90 per cent of the industry remains intact and operating as normal.”

Nana Dankawoso said even though the President, Nana Akufo-Addo and the governor of Bank of Ghana have both given the assurance that individuals found culpable for causing the collapse of the banks would be brought to book, it was important that financial institutions, especially, the banks constantly monitored and managed their risk exposures.

He noted that building a healthy banking and financial service system remained the fulcrum around which a market economy like ours could survive.

“Government must continue to provide the right incentives on time to enable these institutions to deliver on their mandates,” he said.

He also called on all Ghanaian to support the financial sector to ensure a prosperous and resilient economy.

By Cliff Ekuful & Lucy Abeduwaa Appiah

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