Finance Minister, Ken Ofori-Atta

The Institute of Statistical, Social and Economic Research (ISSER) is urging the government to be firm on regulatory requirements for the operations of the yet to be launched National Development Bank.

Director of ISSER, Professor Peter Quartey in a presentation at the ISSER National Dialogue believes the success of the bank will be based on prudent measures and avoidance of political interference.

He therefore challenged the Finance Ministry to put in all the necessary measures to avoid the collapse of the bank.

According to Director of the Financial Services Division at the Ministry of Finance, Sampson Akligoh, the ministry has developed a strong regulatory environment to ensure that the bank survives without direct government’s intervention.

Speaking at the same dialogue under the theme “National Development Banks and Sustainable Financing in Ghana”, he said “for the first time we are establishing the National Development Bank without going to parliament with an act, just because we want to avoid any direct interference from political or public service authority but an independent form of operations; therefore we rather did it through the Registrar General’s Department to strengthen the regulatory environment for the operations”.

He explained that this was the reason the establishment of a National Development Bank failed to go to parliament for scrutiny and approval, but through the Registrar General’s Department.

Mr. Akligoh explained that the move to avoid direct parliamentarian involvement is to ensure full independence of the bank.

He also assured that the Finance Ministry is taking guidelines from international best practices.

The national dialogue by ISSER was focused on the establishment of development banks in the country and the best practices to learn from.

The programme also gave a platform to stakeholders to deliberate on the importance of the new National Development Bank.

Other speakers on the panel charged the government to use the bank to support specific sectors of the economy like the agricultural sector to spur growth.

Chairman for the dialogue, Professor Ernest Aryettey supported the idea of the bank but called for more stakeholder engagement to ensure its successful operations.

      



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