Banking sector clean up boosted public’s confidence in sector — Top bankers

A survey on the country’s banking reform sector revealed that 55 percent of respondents welcomed the revocation of banking licenses, saying the measure would engender public confidence and increase investment in the medium to long term.

Some banks, especially multinationals feel that they had not experienced any real change to their business, even though 45 percent of the respondents were reeling from panic withdrawals leading to liquidity challenges.

In total, the Bank of Ghana has revoked licenses of nine banks in efforts to clean up the banking sector and restore the stability and resilience of the financial system.

The 2019 Ghana Banking Survey was conducted by the PriceWaterhouseCoopers (PWC) Ghana Limited on the theme “Banking Reforms So far: Topmost Issues on the minds of Bank CEOs”.

Associate Director of PWC, Destiny Attatsitsey, who made the presentation in Accra said, the survey was conducted on bank executives of the 19 banks in the country through interviews and questionnaires to elicit their views on the impact of the central bank’s reforms on their business operations.

The questions were framed to test their perspectives on the full implementation of the minimum capital directive, capital requirement directive, corporate governance directive, revocation of insolvent banks, digitization and financial inclusion, among others.

 

Source: GNA