Some indigenous financial institutions have impressed on the Bank of Ghana to intensify its regulatory role to protect the financial system.
They believe this will also reaffirm the confidence of consumers in such local institutions. The suggestions come on the back of the collapse of two indigenous banks; UT and Capital Banks.
Speaking to Citi Business News on the matter, the CEO of Dusk Capital, Bernard Osei Tutu explained that the intervention must come in quick to salvage the reputation of local financial institutions.
“The regulating bodies should stand up and do more than they are doing, they should make a conscious efforts and the key word is a conscious effort to protect indigenous firms”, he said
He added, “I will tell you that things are getting so bad that investors are now not trusting indigenous firms. You speak to clients and they will tell you that they would rather invest their monies in the foreign banks such as Barclays , Stanchart , Stanbic”
“We should make a conscious effort to make sure that we grow our indigenous banks and it is up to the regulatory bodies to protect us, to help us shape us and be a guide on us so we can stand on our feet”.
Mr. Osei Tutu was of the view that the only way to grow indigenous financial institutions is for the regulatory bodies to help them.
“It is out of place for a local bank to collapse, and it’s not something we should be excited about at all,” he warned.
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By: Anita Arthur/citibusinessnews.com/Ghana