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Govt Banking Sector Partnership Key to Robust Economy President Akufo-Addo
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President Nana Addo Dankwa Akufo-Addo has said a vibrant financial and banking sector is key to the government's efforts at ensuring the rapid growth of the economy and the delivery of good paying jobs for the Ghanaian people.


He said the role of banks was critical, and that it was imperative and significant that, they actively partner with the government to build a healthy, productive and a robust economy.


The President said it was for that reason that the government placed a lot of emphasis on reforming the banking sector, and taking measures necessary to safeguard the stability and prospects of the economy.


Speaking at the commissioning of CalBank new head office building in Accra on Wednesday, President Akufo-Addo said it was evident that the measures the government and the Bank of Ghana took to save and sanitise the banking sector had begun to yield positive results.


According to the March 2019 Banking Sector Report of the Bank of Ghana, “an assessment of the banking sector’s performance during the first two months of 2019 showed a well-capitalized, profitable, liquid and stable sector with strong prospects for increased financial intermediation.”


"... and it is evident that the measures we took saved the banking industry from a very dire situation, characterised by the existence of several weakly capitalized banks, with balance sheets encumbered by multitude of low performing loans, pursuing bad business models with poor governance practices and largely non-existent central bank regulation," President Akufo-Addo said.


These prudent measures, he indicated, did not only save some 1.5 million Ghanaian depositors, their businesses and the people they employ, but also, minimised job losses in the banking sector.


President Akufo-Addo assured that the government would continue to encourage domestic enterprises to grow and take significant positions in key sectors of the economy.
"If we are to put this country onto a path of progress and prosperity and thereby guarantee our future, the private sector and indeed the citizenry, will have to be its main driving force."


President Akufo-Addo said the government would work with financial institutions and regulators to promote digital finance and mobile money usage and thereby, formalise the economy.

Already, mobile money penetration in Ghana is the second highest in Africa and with reforms to its payment system, it is anticipated that Ghana will have a strong competitive edge in the region for financial innovation and access to credit.


President Akufo-Addo said the government was working hard to reduce interest rates, and "our efforts have yielded some modest successes.”


He said CalBank had been an integral part of Ghana's Economic story over the last three decades and has proven itself to be a solid bank with an added attractive flavour of being a wholly owned Ghanaian bank.


"I have followed the growth of CalBank over the years and the unavailing of this iconic tower should be an exciting moment for all those who have been involved in bringing the bank to its present state." He said the official opening of Bank's new office building would initiate an exciting chapter of growth and innovation for the bank.

 

The Manager of CalBank, Frank Brako Adu Jnr., said the ecosystem head office is seated on a 2,600 hector land at the prime area in Accra – the Independence Avenue. He said Bank has 29 branches and 800 staff and the decent place for staff and the cherished clients of the bank was imperative in other to match up with the exciting products that the bank offers.


Source: ISD (Rex Mainoo Yeboah)