Mr. Joseph Kofi Amoa-Awuah
Directors, shareholders and managers of rural and community banks (RCBs) in the country have been advised to adhere to prudential regulations of the Bank of Ghana (BoG) and the ARB Apex Bank to pre-empt regulatory sanctions.
Mr. Joseph Kofi Amoa-Awuah, Head of the Other Financial Institutions Supervision Department at the BoG who was speaking in Ho – at the last in a series of annual zonal Banking Operations Conferences for directors and general managers of RCBs from the Greater Accra, Eastern and Volta Regions – said it was not in the interests of the BoG to be penalising the RCBs for regulatory infractions.
He said the BoG and ARB Apex Bank have instituted a lot of prompt corrective actions aimed at ensuring that all the RCBs can continue to operate efficiently.
“Prompt remedial and corrective action instituted by the BoG, Apex Bank and the RCBs themselves can prevent the situation where RCBs would continue to ask for liquidity support from the ARB Apex Bank to shore up their operations,” he said.
Mr. Amoa-Awuah charged the RCBs to prepare for introduction of the Ghana Deposit Protection Scheme, which is aimed at giving depositors of banks “some guaranteed minimum reprieve in the unlikely event of a rural bank being liquidated”.
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