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Deal With Banks That Fail To Meet Minimum Capital Requirement
   News: Banking News

The Bank of Ghana has been urged to deal decisively with any local commercial bank that fails to raise the required minimum capital of GHS 60 million by the end of the stipulated period.

The Chief Executive officer of the Millennium Development Authority (MiDA) Martin Eson-Benjamin believes, this is the only way to ensure that such banks are strong enough and capable of competing for lucrative deals that, until recently, went to big offshore banks which had the financial wherewithal to undertake such projects.

Speaking at the 10th anniversary ceremony of the Ghana Banking Awards on Saturday night, Mr Eson-Benjamin said the Ghana can see the full participation of local banks in the oil and gas sectors of the economy “through well-capitalised banks, with well-trained and motivated staff, who can respond rapidly to both the existing and emerging opportunities in the economy.”

“Against this background, I urge the Central Bank not to treat softly any bank that is not able to raise the minimum capital of GHS 60 million. When the Central Bank gets tough, things will be done the right way to the full benefit of the banks and the economy,” he stressed.

Citing an example, Mr. Eson-Benjamin said due to the lack of funding capacity of many local banks, the Ghana Cocobod was forced to look for funds outside to purchase cocoa in the major season.

He said despite the protest from some of the banks, the Bank of Ghana should not relent on its decision to deal drastically with banks that fall short of the requirement.

According to him, it was unacceptable that despite the large presence of banks, including rural banks, nearly 80 per cent of the population are outside the formal banking sector.

In view of this, he said “government and its development partners have provided support in this direction… to invest nearly US$30 million in Ghana’s banking sector, under the MCA Progamme’s Financial Services Activity.”

He noted that "the programme has provided vital infrastructure and we now expect the banks to invest even more in their own systems to improve the quality of services to their clients.'

He however congratulated the banks for a generally improved customer service delivery system and the adoption of technological platforms which have all helped in improving efficiency in the sector.

He said the various regulations for the sector such as the New Banking Act of 2004 that brought the Universal banking Concept and the Credit Reporting Act 2007, Act 726 have all contributed immensely to the improvement in financial services intermediation in Ghana.

Meanwhile Guarantee Trust Bank was adjudged Bank of the Year 2010, a clear demonstration of the bank's supremacy in the sector for the second year running.

 

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