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CEO's OF GHANAIAN BUSINESSES COMMEND PRESIDENT AKUFO-ADDO FOR STABILISING THE ECONOMY
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The 3rd Ghana Chief Executive Officers (CEOs) Summit has taken place in Accra. The theme for the conference was Leadership, Innovation and Investment for Business and Economic Transformation.

 

Delivering the keynote address at the opening of the Summit on Monday, President Nana Addo Dankwa Akufo-Addo urged the Bank of Ghana to help indigenous banks to grow and survive, as it undertook reforms to sanitize the banking and financial sectors of the economy.

 

The viability of the sectors, President Akufo-Addo indicated, was critical to the nation’s quest for rapid economic development and investment growth, adding that the country's economic fortune was as good as its banking system and its monetary environment.

 

The recent seemingly difficult challenges that confronted the banking sectors, he said, was, therefore, a source of worry, but was quick to add that, he was relieved and confident in the tightening of Bank of Ghana's regulatory and oversight responsibility.

 

 “We cannot afford instability or recklessness in the banking and financial sectors. For any loss of confidence in the banks is bound to have a ripple effect on the stability of the economy as a whole,” he pointed out.

 

President Akufo-Addo said all financial matters should be dealt with professionally and without political interference, hence the need to allow the regulator—the Central Bank— to deal with the challenges and restore sanity and confidence.

 

He, however, urged the regulator to recognize that a banking sector dominated by foreign-owned banks did not bode well for the Ghana Beyond Aid project and that it was essential in relation to the Ghana Beyond Aid agenda, that indigenous banks grew and survived in any meaningful reform of the banking system.

 

On their part, CEOs of businesses in Ghana expressed confidence in the economic policies that government had implemented to smoothen over the violent economic fluctuations that had characterized the country’s economy in the recent past.

 

While presenting a placard, signed by the business leaders, to show their appreciation of steady and relatively stabilized macroeconomic indicators, the captains of business, however, cautioned Government against failure to sustain the fiscal consolidation efforts.

 

Ghana’s macroeconomic performance, according to the World Bank, improved in 2017 after a difficult 2016 and expanded for the fifth successive quarter in September 2017; at a rate almost double that of 2016.

 

The Bank said the country’s external position improved as the trade balance shifted to a surplus– indicating that, Ghana made good progress in macro-stabilization in 2017.

                                                        

Source: ISD (Rex Mainoo Mainoo)