Dr. Papa Kwesi Nduom says the the government and the regulator’s[Bank of Ghana] cleansing of the financial sector must be devoid of partisan politics.
The president and chairman of Groupe Nduom stated in a Facebook post: “It is also important to put partisan politics when it comes to the financial markets – jobs, enterprise, money, opportunity cannot wear political colours,”
Meanwhile, he said the seeming rise in panic withdraws within the financial sector is problematic and likely to “sink our economy.”
Dr. Nduom has urged the regulator dialogue with all stakeholders to find solutions to the crisis in the sector.
Below is the full post:
LET’S SOLVE THE CRISIS IN THE FINANCIAL MARKET TOGETHER – THE PANIC CAN SINK THE ECONOMY
Government has committed itself to ensure the safety of deposits in the banking system. So deposits at regulated institutions are not at risk and will not be lost. Indeed depositors have not lost money even when a bank has collapsed. Even more important, the Bank of Ghana is implementing measures to strengthen governance at the banks. Shareholders, directors and management have been put on notice to abide by regulations. Customers have been asked to make sure they pay back funds given to them as loans. Government agencies have expressed the willingness to source funds to pay contractors and suppliers.
If we trust each other’s words of commitment, we must not panic, flock to banking halls and fight to withdraw our deposits. This fear must be checked otherwise it will sink our economy. It is also important to put partisan politics when it comes to the financial markets – jobs, enterprise, money, opportunity cannot wear political colours. We have everything going for Ghana to rise and enjoy a well-performing economy.
Dr. Papa Kwesi Nduom, President and Chairman, Groupe Nduom
