President Akufo-Addo has  reiterated his Government's readiness to work to bring  "confidence" in the banking sector.

Akuffo Addo says lack of confidence in the banks will "have a ripple effect on the stability of the economy," and has therefore urged the Central Bank to look for ways to strengthen the local banks in the country.

“My government will give all the necessary assistance to the regulator in ensuring that Ghanaians have confidence in the sector,” he said.

Speaking at the 3rd CEO Summit in Accra, the president allayed the fear by many that the introduction of the new capital requirements by the Bank of Ghana (BoG) will lead to many local banks collapse.

He indicated that the "Ghana beyond aid" agenda will depend heavily on a sound financial environment hence the local banks are very critical in this regard.

The president voiced his concern about the domination of foreign banks in the industry,tasking the Central Bank to  put in place measures to ensure that Ghanaian-owned banks could compete.

"We cannot afford instability or recklessness in the banking and financial sectors," he said.

"For any loss of confidence in the banks is bound to have a ripple effect on the stability of the economy as a whole. "

There has been fear that more bank will be closed down aside   UT Bank, Capital bank and uniBank, who were taken over by the Bank of Ghana.

But  President Akufo Addo has praised the Bank of Ghana for ensuring that the country's banking environment is safe and strong.

"It is in all our interests that all financial matters are dealt with professionally and without political interference, no matter how tempting," he said at the event themed "theme: “Leadership, Innovation and Investment for Business and Economic Transformation.”

The President  also charged the private sector to do all it can to support the move by the Central Bank to restore confidence in the banking sector.

Source:gahanaguardian.com