We Don’t Need Every Bank To Be Category A With Same Capitalization – Mahama1 min read
Former President John Dramani Mahama has reiterated his point to restore indigenous ownership in the financial sector if he becomes president again.
Addressing the 7th Ghana CEO Summit in Accra on Monday, May 22, Mr Mahama said the trend where foreigners dominate the financial sector in Ghana must be reversed.
“We can do better, let us work together to reverse the status quo, we must restore indigenous Ghanaian investment in the finance and banking sector and create a tiered banking system to finance different segments of the business market,” he said.
He added “We don’t need every bank to be a Category A bank with the same capitalization. We can have different levels of capitalization that finance different segments of the business sector.”
Earlier, he promised to restore the licenses of the banks that, in his view, were unjustly collapsed during the recapitalization exercise undertaken by the Bank of Ghana (BoG).
Delivering his formal acceptance speech at the University of Development Studies (UDS) on Monday, May 15 after his victory as flagbearer of the National Democratic Congress (NDC) on Saturday, May 13 he said “we shall promote robust, local participation in our banking and financial, telecommunication, tourism, mining and agric and manufacturing sectors to grow our economy and create sustainable employment for our youths.
“We will restore indigenous Ghanaian investments in the finance and banking sector and we will create a tier banking system that will serve various segments of the market.
“We will give the opportunity to experience banking hands who were laid off needlessly to secure their careers once more and move away from the menial jobs that they were compelled to take.”
“As far as practicable the banking licenses that were unjustly canceled by this government will be restored.”
