The Chief Executive Officer of the Millennium Development Authority, Martin Eson-Benjamin has asked banks operating in the country to position themselves to grab the opportunities the oil and gas as well as cocoa sectors have to offer. He made the observation at the 10th anniversary of the Ghana Banking Awards held Saturday night. According to him, there is no need for the country to source externally syndicated loans to fund these lucrative sectors when the financial institutions can readily offer support to these sectors and reap the benefits thereof. “This can only be achieved through well-capitalized banks, with well trained and motivated staff who can respond rapidly to both the existing and emerging opportunities in the economy”, he explained. Mr. Eson-Benjamin said for the financial institutions to become lead supporters of the oil and gas sectors, the Bank of Ghana would have to get tough on banks that are unable to raise the start up minimum capital of 60million cedis. This he believes will ensure that banks are well positioned with respect to size, structure, technology and expertise, which are all requirements if they should become the lead financiers in the most lucrative sectors of the economy. The MiDA boss noted that the low levels of bank capital continue to hamper the deal making capacity of banks operating in Ghana explaining that “this has resulted in some lucrative transactions being awarded to off-shore financial institutions, notably, the fund raising efforts of COCOBOD for the purchase of cocoa in the major season”. He mentioned that it had become worrisome that 80% of Ghana’s population remains unbanked despite the presence of 27 universal banks and 130 rural banks as well as other financial institutions in the country. The Executive Secretary of the Ghana Banking Awards, Afotey Odarteifio in his address said the awards scheme to reward excellence in the financial sector has paid off. According to him, the awards scheme has contributed to improved confidence in the banking sector and has propelled banks to meet customer needs and encouraged high efficiency. “The financial sector over the last decade has improved customer service delivery through various initiatives and innovations. We now have electronic and ATM banking as well as other technological platforms, and a high proportionate growth in branches; achievements made possible through the new banking act of 2004, the credit reporting act of 2007 and the borrowers and creditors act of 2008”he noted.