Dr. Papa Kwesi Nduom is founder and Board Chairman of GN Bank
Dr. Papa Kwesi Nduom has advised the government and the Bank of Ghana to eschew partisan politics in its bid to cleanse the financial sector.
According to him, politicizing the exercise will defeat its purpose hence the need to purge the sector of politics to boost depositor and investor confidence.
“It is also important to put partisan politics when it comes to the financial markets – jobs, enterprise, money, opportunity cannot wear political colours,” the president and chairman of Groupe Nduom stated in a Facebook post.
Also, he called on the regulator to address the rise in panic withdraws within the financial sector because it has a huge potential to “sink our economy.”
Dr. Nduom has therefore appealed to the Central Bank to dialogue with all stakeholders to find solutions to the crisis in the sector.
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
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