Action of the Bank of Ghana lauded by Ghana National Chamber of Commerce and Industry (GNCCI)

The Ghana National Chamber of Commerce and Industry (GNCCI) has lauded the action of the Bank of Ghana to consolidate five banks into one entity, saying the move will prevent a major crisis in the financial sector.
 
A statement issued by the Chamber signed by its Chief Executive, Mark Badu-Aboagye, said the Chamber welcomed steps taken by the BoG to consolidate the five commercial banks.
The Chamber however called on the Bank of Ghana to strengthen its supervisory and regulatory mechanism, adding that officials from the Regulator and the affected banks whose actions and inactions resulted in the dire situation must be investigated and brought to book where necessary.
It said continuous inspection and enforcement by Bank of Ghana is critical in ensuring financial stability.
The statement said the Central Bank, Government of Ghana, and all stakeholders need to learn from the current situation and work collectively to guard against the recurrence of such infractions to ensure that the financial sector develops in a sustainable manner with relevance for economic growth and development.