Business News of Tuesday, 9 October 2018
A week after the Chairman of GN Bank, Dr. Papa Kwesi Nduom said he will lead a team of bank officials to begin a nationwide tour on the theme stop the panic withdrawal and strengthen indigenous banks, Dr Nduom has fired Bank of Ghana over its handling of the banking sector crises in Ghana.
The President and Chairman of Groupe Nduom called on Ghanaians to have confidence in the country’s financial sector.
He believes that is the only way the citizenry can be prosperous while assisting government achieves its Ghana Beyond Aid agenda.
But not leaving out Bank of Ghana’s role in the mess that occasioned panic withdrawal, Dr Nduom who was speaking on GN TV Sunday said the Central Bank has become a noise maker, generating headlines that are negative and affect investor confidence in the country, warning that “Money doesn’t like noise… Money will only come where there is peace. The investors all over the world they read and know what we are doing and saying to ourselves here”, he advised.
“They have options they can run to. They can invest in China, India and Europe. These days America is even good. We have to protect our own. We must develop our own. We don’t have to have to have big banks. We can have small banks, community banks etc. Why one size fit all? We have created an atmosphere of fear and panic..” he said.
His comments come at a time when there is a seeming loss of confidence in Ghana’s financial institutions due to the challenges some are presently facing. Seven local banks have collapsed within the last one year, as the government moved to sanitize the sector.