According to the General Manager of defunct GN Savings and Loans, Kofi Asamoah Siaw, the harsh increase in the minimum capital requirement of banks has been described as the main reason behind the collapse of banks in the country.
The jump in capital requirement from ¢120 million to ¢400 million was too extreme.
Speaking via a virtual seminar, he said the rules seeking to clean the financial sector were discriminately applied to favour some financial institutions.
“From the evidence and what has happened so far, you can see that the whole exercise of financial sector reform was an agenda that was capitalized on for if you like, the discriminately or subjective application of the rules.
"My statement to support this is that, if you look at the recapitalisation effort that was championed and marketed, no bank was actually folded up or had its licenses revoked purely on the basis of its inability to capitalise,” he stated.
Meanwhile, Kofi Asamoah Siaw stated that the financial cleanup exercise has not been fair and objective thereby lacking transparency.
He further called for collaboration between industry players and regulators of the financial sector, going forward, to protect consumers and safeguard jobs.
“The whole financial sector reform has not been transparent, done in a way that is fair and objective and some casualties have resulted in that process and is quite unfortunate and it has to be regressed,” he mentioned.
Latest Stories
-
CAFCC: Sports Minister to offer Dreams FC a ‘surprise’ package before Zamalek clash
9 mins -
CAF awards 3-0 win to RS Berkane, after Algerian customs confiscated their kits
23 mins -
AgriTech challenge pro holds first pitch
28 mins -
UNIDO commits to improving local rice standards
29 mins -
Suleja prison: 108 inmates on the run in Nigeria
32 mins -
We object to government’s plans to make BEST sole off-taker of Sentuo Oil Refinery – CBOD
40 mins -
Burkina Faso army massacred 223 villagers in revenge attack – HRW
49 mins -
Lebanese Community awards ¢100K in scholarships to 21 students at UniMAC
51 mins -
Germany detains alleged Nigerian mafia members
53 mins -
Manhyia Palace hosts royals, dignitaries from Ghana and beyond at special Awukudee
1 hour -
Meet the two Ghanaian entrepreneurs on a mission to connect 1 million African professionals to global companies by 2034
1 hour -
Celestine Donkor speaks on report of undergoing weight loss surgery
1 hour -
Music sensation Osb Swagah drops new single ‘Victory’
1 hour -
Bright Simons: The SML defence “falls flat”
2 hours -
We need long term macroeconomic stability to build a strong and vibrant economy – Deloitte Boss
2 hours