Banking Sector: Gov’t charged to retrieve locked-up cash from indicted persons

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Economist and Director at the Institute of Statistical, Social and Economic Research (ISSER), Prof. Peter Quartey has charged government to seek after and recover all monies from people found punishable of taking monies from banks, following the banking sector tidy up work out.

Legislative leader of the Bank of Ghana, Dr. Ernest Addison revealed back in May 2021 that solitary GH¢1.7 billion out of a designated GH 25 billion, has been recuperated from the banking sector tidy up the public authority attempted four years prior.

Addressing Citi Business News on the eventual fate of the banking business, Professor Peter Quartey, noticed that all should be done to fabricate trust in the monetary framework as the economy bounce back from the COVID-19 pandemic.

“The banking sector tidy up accompanied a ton of expenses, however a few people were referenced as being punishable. So we should seek after such people to recuperate reserves taken from banks to guarantee mental soundness winning”.

Likewise, every one of the things I have referenced ought to apply to other monetary foundations like microfinance, reserve funds and credits, and other non-bank monetary establishments, so that individuals can believe in the monetary framework to empower us to stimulate the economy,” he added.

Prof. Quartey prior advised against a re-visitation of the dim days of the banking business.

As indicated by him, the new leading group of the Bank of Ghana ought to in addition to other things persistently evaluate the sufficiency of the business to guarantee any issues are viably managed.

Ghana’s banking sector changes, which prompted a decrease of the quantity of banks from 34 to 23, date back to 2017, when the BoG set out on a thorough change plan, with the target of tidying up the banking business.

Addressing Citi Business News on the fate of the business, Professor Peter Quartey, featured the significance of further developed corporate administration going ahead.

“We have in the past seen some unwanted exercises or activities that has made a few banks breakdown. We would prefer not to return to the dim days. So I would expect the new Bank of Ghana board, to likewise zero in on guaranteeing that there’s sufficiency inside the banking framework. And that relates to my next point, great corporate administration. I think the Bank of Ghana has accompanied every one of the orders and a few archives to direct that. That ought to be the core interest.”

We need great corporate administration practices to guarantee that yes individuals who have the right to be on sheets are there, individuals who are able to be there will be there, and additionally that banks guarantee that they utilize the ideal individuals, the right cycles are set up to guarantee that there is acceptable corporate administration. You don’t bring your companions, your buddies, your relatives as board individuals, when maybe they are not qualified. And I think the Bank of Ghana is doing a ton in that regard. So I anticipate that they should develop that movement,” he clarified.