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Local banks are now financial healthy as compared to before- Financial minister

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The financial minster of the republic of Ghana Ken Ofori-Atta in an interview with citinews said that Ghana owned banks are now financial strong after the clean up exercise made by the government .

The financial minster also made us known that  it is better to have fewer local banks with strong financial capacity, than having many weak local banks unable to drive economic development through lending.

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He also added that having many local bank  do not serve Ghana better when they put their customers in danger.

Ken Ofori Atta  adding that some of the local banks were just surviving on liquidity support from Bank of Ghana and putting depositors’ funds at risk.

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In 2017, the central bank commenced a series of clean-up exercises in the financial sector that saw the revocation of licenses of 9 banks, 347 Microfinance companies, 23 Savings and Loans Companies and Finance Houses, as well as 39 Micro-credit Companies

 

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