The Private Enterprise Federation (PEF) is appealing to the Bank of Ghana to provide strategic guidelines with which local banks can become stronger to match up to the standard of the foreign banks.
This, they believe will enhance their skills and capabilities in serving the nation.
“Most of our financial institutions should be local ownership and that involves a lot of liquidity and investment coming from domestic investors”, Chief Executive Officer of PEF, Nana Osei Bonsu said.
He argued that the economy cannot produce the needed results if it is dominated by foreign intersts through foreign companies.
He maintained that it is time for the Bank of Ghana to come out with some guidelines that will sustain the operations of local banks
The Central bank while sanitizing the banking sector has merged some local banks in a bid to ensure a stronger and robust financial sector.
While commending government and the BoG’s moves so far in saving some local banks from collapsing, Nana Osei Bonsu said a lot needs to be done in ensuring a robust financial sector.
“So what we are saying is how are the Bank of Ghana and the Government of Ghana trying to strengthen the local banking institutions owned by local investors to be able to become strong and provide the kind of funding and banking services to our local industries.”
By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana.