Government is confident proposed changes to the current banking laws will go a long way bring to confidence to the banking sector.

Government is currently reviewing the laws that guides operations of banks and non-bank financial institutions. 

Some of the laws include the specialized Deposit Taking Institution Bill, Depositor’s Bill and the Ghana Deposit Protection Bill which is currently before Parliament for consideration and possible approval.

Speaking to Joy Business after the Annual General Meeting of the Ghana Association of Bank, Mona Quartey, said these reviews are critical because it will facilitate the development of the entire financial sector, provide an appropriate and robust legal framework to deal with emerging risk and vulnerabilities in the banking system.

In a related development the Managing Director of GCB, Simon Dornoo has been re-elected as the President of the Ghana Association of Bankers.

He will head the bankers’ association for another two years.

Speaking to Joy Business after the Annual General Meeting, Mr. Dornoo described 2014 as a turbulent year.

He was however optimistic that 2015 might turn out be more exciting because of measures being put in place to stabilize the economy.

According to the 2014 report of the Ghana Association of Bankers, total industry deposits increased to 37. 3 billion Ghana cedis up from 27 billion Ghana cedis, representing a percentage increase of 36.6 percent, while Profit increased by 38 percent over the 2013 level of 2.9 billion Ghana cedis.

The Association’s report again revealed that members had a problem with a directive by the Bank of Ghana to limit daily individual cash withdrawals with a view of arresting fraudulent cheque deposits or cash withdrawals from banks. 

The Association was however of the view that lending rates in the country will reduce considerably going into 2016.