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The Council of State has urged the Bank of Ghana (BoG) to intensify its due diligence, monitoring and enforcement processes to safeguard the interest of depositors.
The members of the council gave the advice when they met with the Governor of the Bank of Ghana (BoG), Dr Ernest Addison, on Thursday, 12 April 2018, to discuss topical issues concerning the banking sector.
This comes on the back of the collapse of UT and Capital banks and recently UniBank.
The council took the opportunity to discuss a petition submitted by Ghana’s indigenous banks to the president with copy to the Council.
The council was briefed on the position of the Bank of Ghana regarding challenges affecting operations of the indigenous banks and measures so far adopted by the Bank of Ghana.
After intensive deliberation and careful examination of available options, the meeting urged the Bank of Ghana to intensify its due diligence, monitoring and enforcement process to safeguard the interest of depositors.
The Council further reiterated calls for indigenous banks which could not meet the Bank of Ghana’s minimum capital requirement to enter into mergers in order to complete favourably and ensure sanity in the banking sector.
While supporting measures so far taken by the Bank of Ghana to ensure prudence in the banking sector, the Council urged the bank to broaden its avenues for public engagements, adding that ultimately, depositors interest must be protected at all times to boost confidence in the banking sector.