He also suggested a ceiling of 15 per cent on bank lending rates and a five per cent interest payment on savings and current accounts.
Dr. Amoah said regulation was needed to deal with the present high cost of credit and called on Parliament to discuss and enact laws that could help free funds to support and fast-track private sector growth, create jobs and increase exports.
“Our economy is not presently well organised, nor is it mature enough to rely on market forces. We must regulate to help chart a more sensible, pragmatic and sustainable roadmap for our development,” Dr. Amoah said at the launch of four banking products by Bond Savings and Loans Company.
The products are an insurance product, an investment product, electronic banking products and remittances.
Dr. Amoah said what the country needed now are a set of policies that would make credit cheaper and available, to underpin business growth and expansion, as well as foster sustainable employment growth.
He said the availability of credit and affordability is essential and indispensable for business growth in all sectors of the economy.
He said the prevailing high lending rates in the country cannot and would never promote fast-track growth to help absorb the high levels of unemployment and also curtail the high levels of importation.
“The high interest rates must be tackled once and for all so as not to derail, delay and hamper Ghana’s efforts to develop,” he said.
Dr. Amoah also called on government to borrow to undertake projects only if the cash flow from it can service and retire the debt, otherwise the ever-increasing debt-level will put a halt towards progress.
On the emerging financial services industry, Dr. Amoah called on the Bank of Ghana to introduce effective and forward-looking regulations to strengthen the Ghana Interbank Payment and Settlement System (GhIPSS) and the e-zwich card to become a trusted modern platform that can respond well to the needs and habits of the public.
He encouraged BoG to consider and permit some limited level of outbound money transfer service and help make Ghana a money-transfer hub in the region.
Mr. George Ofosuhene, the Chief Executive Officer of Bond Savings and Loans Company, said the company was on track to become a universal bank.
He said the launch of the products was to offer customers convenience and one stop shop for all their transactions.