The Securities and Exchange Commission has called on financial sector players to work together to improve the financial system in the country.
The Commission admonishes that, the financial sector must invest in people and technology in the right quantities to get the right level of motivation that will improve the financial sector.
Emmanuel Mensah Appiah, Head of Audit and Risk Management of SEC speaking at the opening of the 3rd Banking and Insurance Fair, stated that many risks come out when there are large numbers of people in the system who are outside the financial sector.
“We need to promote good cooperate governance and ensure that the risks are managed to a very large extent” he stated
He added that the country needs modern technology to improve the banking systems.
“We need investment in people and technology in the right qualities, quantities and mix in other to improve the financial system in the country” he noted.
Similarly, Director of Financial Sector Division at the Ministry of Finance, Sampson Akligoh has revealed that the sector minister has approved a policy for a financial inclusion strategy which would be implemented in 2018.
Also, speaking on behalf of the minister at the opening of the 3rd Banking and Insurance Fair in Accra, he said: “It is important that the financial institutions are more open and that regulators, analysts and all the people who matter have access to information and we need to tackle that”.
He added that “those are some of the ways we can drag interest rate down”.
Mr Akligoh said the ministry is working on implementing several policies to tackle the numerous challenges in the financial sector.
He stated that there is the need to strengthen pension insurance and collective investment schemes in the country adding that even though so much work has been done to get a lot of companies and the economy to get access to long term capital, it is proving difficult to get it.
“We are going to tackle it in two ways; we will focus on insurance, pension and collective investment schemes because these people provide long term money for the economy. But we will not end there, we will make sure that those guys find a way to work through the capital market,” he said.
Sampson Akligoh added that efforts are also being made to get various regulators in the financial sector to work together.
The 3rd banking and insurance Fair is a two-day event that aims at inculcating and developing the habit of banking, savings, investments and pensions in the youth.
It will also help in extending financial inclusion to the unbanked and insured publics to enable financial players to deepen bonds with existing and new clients.
Banking institutions, insurance companies, SME’s traders, employees, IT practitioners, fund managers and brokers will seize the opportunity to sell their innovative products and services to the right audience using the appropriate platform and mileage
Source: Adnan Adams Mohammed