Ghana aims to become a Financial Service Hub in Sub-Sahara Africa

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The President Akufo-Addo led Government has set its sights on positioning Ghana as the Financial Service Hub in Sub-Sahara Africa and for industrialization.                                                                                   

Mr. Ken Ofori Atta, the Minister for Finance who made this disclosure said “The vision of Ghana becoming the Financial Service Hub in the Sub-region is crucial to government and at the heart of President Akufo-Addo.”

He said if President Lee Kuan Yew of Malaysia could transform Malaysia as the Financial Service Hub in Asia, Ghana could be positioned as the Financial Service Hub in Sub-Sahara Africa.

The sector Minister in charge of Finance stated his outfit was developing instruments that would help strengthen the capacity of banks, saying “We are trying to create the space and market to attract funding to the banking sector.”

He told journalists on the sidelines of the 36th annual general meeting and business luncheon of the Ghana Association of Bankers [GAB] in Accra, that the Ministry of Finance would support mergers, acquisition and consolidation to help build a thriving banking industry, stating that it would be beneficial for the country to have at least five well capitalised indigenous banks.

Mr Ofori –Atta said a taskforce would soon be formed to discuss with GAB measures to position Ghana as a Financial Service Hub in Sub-Sahara Africa.

Mr. Alhassan Andani, the President of GAB, on his part said his outfit supports the move by the government to position the country as the Financial Service Hub in Sub-Sahara Africa.

Mr. Andani made a passionate appeal to government to reduce the reserve capital requirement for banks from 9 to 6% to ensure banks have adequate liquidity to finance their operations.

Source: Adovor Nutifafa                                                                                                                

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