Ghanaians need urgent education on BoG reforms – NPP MP

Business News of Tuesday, 30 October 2018

Source: adomonline.com

2018-10-30

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Member of Parliament for the Mpraeso constituency, Seth Kwame Acheampong is urging the Bank of Ghana (BoG) to educative Ghanaians extensively on their reforms.

His comment follows BoG’s notification to the public to refrain from panic withdrawals.

Some local Ghanaian banks have collapsed in recent times, causing panic among depositors who have started withdrawing their monies due to fear of losing them.

But Business Advocacy and Special Advisor to the Governor of the Bank of Ghana, Ben Amoah, has sought to allay the fears of depositors by indicating that the banking sector was still robust and doesn’t warrant the need for such panic withdrawals.

“Don’t panic to put undue pressure on them [banks]. When you need the money, go there, they have money for you but if you don’t need the money don’t go and queue with people and withdraw your money. If we all do that, no bank can survive in the world.”

However, on Adom TV’s morning show, Badwam, Tuesday, Mr. Seth Acheampong said there would be a reduction in panic withdrawals if people were educated about the banking systems.

“The happenings in the banking sector are not comparable to the normal issues we discuss every day. Yes, BoG has assured us but how many people will understand what is being talked about.”

“BOG needs to educate the people; go out and educate the public on reforms and that will help reduce the fear in people which has resulted in the numerous withdrawals,” he noted.

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