The Association of Certified Chartered Economists has held its 8th Continuous Professional Development (CDP) programme and induction ceremony in Accra.
In all 30 chartered economists were inducted into the Association of Chartered Certified Economists at the 8th CPD and induction ceremony.
Addressing a seminar as part of the induction, a financial risk management specialist Dr. Joseph Asantey has come to the defence of the central bank on allegations of negligence in circumstances leading to collapse of some banks recently.
According to Dr Asantey the Bank of Ghana as the regulator took some decisions at the time, based on information available to it, and cannot be blamed for the predicament of the seven banks that recently went down.
The second deputy governor of the Bank of Ghana Elsie Awdzie has recently stated that the bank of Ghana is investigating some staff members who may have contributed to the collapse of seven banks.
Dr Asantey, however, says if there was proven evidence of connivance then persons involved can be brought to book.
He also explained that the central bank’s decision to increase the minimum capital requirement for universal banks and said the aim was not to necessarily cut down on the number of banks operating in the country but was also aimed at making all banks liquid so they will be able to undertake bigger ticket transactions as the economy expands.
He was however of the view that the period of meeting the capital requirement could have been extended.
Dr Asantey disagreed with a section of the public that thinks the Bank of Ghana is being hard-handed. “I think now the BOG is living up to the task, the various kind of directives it has issued to make sure corporate governance is really working is in place,” he added.
The General Manager at UMB Capital, Rev Dr Charles Akuetteh also expressed concern about the extent of monies lost as a result of the mess with troubled banks.
He noted that even pension funds have been affected by the crises in the banking sector.
He urged the Bank of Ghana to come out with clear guidelines and punish people who go against the rules.