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Banking sector cleanup attracts more investors – GIPC

MR YOFI GRANT
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Ghana is recording appreciable investments into its financial sector following the clean up by the central bank.

The CEO of the GIPC, Yofi Grant tells Citi Business News the centre should record more after the banks recapitalize.

The banking sector reforms which has spanned for about a year and a half, has seen seven local banks collapse.

The institutions were largely insolvent, failed to practice good corporate governance among others.

The central bank stressed that its action is to protect the deposits of the millions of people and secure the country’s financial sector.

In all, about 10 billion cedis have been spent on the absorption and management of the underperforming banks.

“Interestingly a lot of investors that I meet think that it is the best thing that could have happened to Ghana’s financial sector, then it proves that the Rule of Law works and that things are done properly.We have seen a number of investors come in and ask about how they can go about it when they want to invest in the banking sector and we give them the plan to do that,” he said.

The commercial banks now have a December 2018 deadline to meet the regulator’s new minimum capital requirement.

Speaking at the recent Monetary Policy Committee (MPC) meeting, the Governor of the Bnak of Ghana, Dr. Ernest Addison disclosed that twenty two banks have meet the requirement; two of which are mergers.

Meanwhile the latest ease in doing business ranking has pushed Ghana up by some four points; from 120th to 116th position.

Mr. Grant is confident it will improve further.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana


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