Business Associations have impressed on the Bank of Ghana and relevant institutions to properly manage the takeover of Capital Bank and UT Bank in order not to erode investor confidence.
They argue that the inability to control the transaction to protect the interest of affected businesses will ultimately affect economic growth.
The concerns by the business associations have become apparent considering the private sector’s contribution to the economy.
“Savings are very key for every economy … so we need to build on the confidence of the people that their monies are also secured and also that it is not going to affect or threaten the banking sector of the economy. We rely daily on the banking sector for our development and once there is fear,” the CEO of the Ghana National Chamber of Commerce, Mark Badu Aboagye told Citi Business News.
There have been numerous assurances from the Bank of Ghana regarding the protection of customer deposits in the ongoing transaction.
The central bank explains that the move is in a bid to solidify Ghana’s financial sector.
Meanwhile the CEO of the Ghana National Chamber of Commerce, Mark Badu Aboagye admits that the central bank may have intervened late.
He however tells Citi Business News the takeover will reduce apprehension among businesses.
“It is appropriate at this time to instead of letting the two banks go down and customers losing their deposits, if there is a way to salvage the situation which they have done, for me it is very appropriate.”
“It may be too late but it is better now than letting the two banks go down and customers losing their deposits,” he added.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana