Business News of Sunday, 17 November 2019
Deputy Managing Director of Societé Generale Bank, Ernest Kuetche has declared his support for the ‘clean-up exercise which has been undertaken by the Central Bank in the banking, Specialized Deposit-Taking and non-banking financial institutions sectors over the past few years.
According to him, the decision to rid the financial space of all illegalities and irregularities has not only restored positivity but has also built confidence in remaining financial institutions.
“What has been done by the Bank of Ghana is very positive for the sectors. It actually helped to provide more trust to Ghanaians to be able to put their money in banks they believe are safe,” he said.
The banking sector clean-up which began in 2017 with the collapse of two indigenous banks – UT Bank and Capital Bank – for issues in connection to insolvency further saw the collapse of the consolidation of five more indigenous banks in August 2018.
To round up the cleanup exercise in 2019, the licenses of over 50 fund management companies and saving and loans companies have also been revoked throwing the country in a state of debate and more tension.
But Mr Kuetche believes the cleanup has rather enabled Ghanaians make sound financial decisions, with regards to where to they invest and how they do it.
“Overall the cleanup has helped the entire sector to become much cleaner,” Mr Kuetche emphasized.
Mr Kuetche was speaking at the SG Ghana 3rd mini draw of the 2019 deposit and win promotion.
The SG Ghana 2019 deposit and win promotion which was launched on 14th July 2019 is designed to encourage customers to save by rewarding them with great prizes.
At the third mini draw, 4 customers walked away with the latest Samsung smartphones, 3 with large screen LED TVs and 8 with gift vouchers to one of Ghana’s leading superstores.
Aside the mini draw, a grand draw will be held in February 2020 in which 3 lucky customers will win trendy new Suzuki Balenos.