Ghanaian Local Banks Need Urgent Support- Former Dep. Minister

Former Ghana’s deputy Finance minister, and minority leader Dr Cassiel Ato Forson, has expressed worry about the present status of the banking sector in the country, particularly the effect of government policies on local banks.

As per him, it is time the present government holds a discussion on the most proficient ways to support the local banks.

Mr A to For son said, it’s the ideal opportunity for a serious conversation about how the government of Ghana can support the local banks and help them out of this difficult period.

He claims that this is because: Its a well known fact that a large number of these banks, which are fundamental for supporting small and medium-sized enterprises (SMEs) in Ghana, are confronting serious financial challenges.

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His remarks come after banks reported significant quarterly losses as a result of the domestic debt exchange program.

Dr. Richmond Atuahene and K. B. Frimpong recently looked at bank financial statements and found that the shorter maturity period and lower coupon rates will cause banks to lose an additional 6 billion from 5 to 15 years.

The legislator stated,

“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.”

He believes that because of this, they are unable to lend money to businesses, create jobs, or contribute to the growth of the economy.

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