Nana Otuo Acheampong, a banking consultant has called for renewed confidence in Ghana’s banking sector following the recent issues that have led to the collapse of some banks in the country.
He said, not all local banks have the weak corporate governance, high non-performing loans (NPLs) and poor liquidity challenges, among others, that contributed to the merging of five struggling banks into the Consolidated Bank Ghana Limited and the collapse of UT and Capital Bank a year ago.
He made the call on the heels of the current struggles in Ghana’s banking industry. Ghana is currently experiencing a period of banking uncertainty with many analysts chiding the Central Bank for failing in its oversight responsibility.
But speaking on the Citi Breakfast Show on Friday, Nana Otuo stressed on the need to support local banks and the banking sector in general, since it plays a pivotal role in the country’s economic development saying “banking is so crucial to every economy including ours, it’s at the nerve centre and therefore if we try to destroy banking it means we are just shooting ourselves in the foot.”
He expressed worry over the matter, wishing that the ‘collapse’ had not occurred.
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