Time for Serious Discussions on the Way Forward for the Banking Sector – Minority Leader

Minority Leader Dr Cassiel Ato Forson has expressed worry over the current state of Ghana’s banking sector.

According to him, some policies introduced by the Akufo-Addo-led government have negatively impacted the local banks in the country.

“I am deeply concerned about the current state of our banking sector, especially the impact of government policies on our local banks. It’s no secret that many of these banks, which are essential to supporting small and medium-sized enterprises (SMEs) in Ghana, are facing severe financial difficulties.”

Taking to his social media handle on Saturday, April 30, 2023, the Ajumako-Enyan-Esiam MP also slammed Vice President Dr Mahamudu Bawumia for introducing policies that have somewhat depleted the capital of most banks in Ghana.

“Under the leadership of Alhaji Bawumia, the Head of EMT, the NPP government has implemented policies that have seriously eroded the capital of most of our banks. This is having a devastating effect on their ability to lend to businesses, create jobs, and contribute to the growth of our economy.”

Dr Ato Forson, who also doubles as the Ranking Member of Parliament’s Finance Committee, also called for a national conversation on how to sustain the local banks.

“I believe it’s time for a serious discussion about how we can support our local banks and help them weather this difficult period,” he noted.

The comments from the Minority Leader come on the back of implementing the controversial Domestic Debt Exchange programme, which led to almost all banks in the country recording considerable losses in the first quarter of the year.

Source: Ekow Annan || newsalertgh.com