FORMER BOG DEPUTY GOVERNOR CAUTIONS BANKS
As the Central Bank of Ghana makes great strides in cleaning up the banking sector which has seen many banks, savings & loans, as well as Microfinance companies, closed down, a former Deputy Governor at the Bank of Ghana Mr. Emmanuel Asiedu-Mante has cautioned existing and operational financial institutions to ensure compliance with regulatory requirements.
Speaking to the media after he delivered the keynote address at the 40th-anniversary celebration grand durbar of Kintampo Rural Bank Limited held at the College of Health and Well Being at Kintampo in the Bono East region, Mr. Asiedu-Mante also advised banks to take advantage of technology whilst they also watch out for disruptions such as cyber-fraud and other factors that could result to financial crisis.
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He added that the Bank of Ghana believes in few but stronger banks than numerous and weak banks that would risk depositors’ investment hence wouldn’t hesitate to crack the whip on companies that flout the Banks and Specialized Deposits Taking Institutions Act, 2016 (Act 930), Data Protection Act, 2012 (Act 843), Bank of Ghana/ARB Apex Bank directives and other statutory requirements including payment of SSNIT contributions, taxes, and all statutory provisions.
Story by Emmanuel koranteng. // Shop @ Torsaa
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