I would back any policy to support indigenous Ghanaian entrepreneurs to play a major role in the banking and financial sector of our economy.
That said, President Mahama’s promise to reinstate revoked licenses of Unibank, UT Bank, GN Bank and other defunct local banks, raises some initial questions in my mind:
- Will a new Mahama Administration merely reinstate the licenses or also provide the 5 defunct local banks with ¢400 million each, which is the current minimum capital requirement set by the Bank of Ghana for commercial banks?
- How will the new Mahama Administration raise the ¢2 billion minimum capital for the five local banks?
- Given the experiences customers of these banks experienced following the revocation of their licenses, even assuming the new government could raise the ¢2 billion minimum capital, what feasibility study is Present Mahama relying on to be convinced that all five ‘new’ banks could be viable?
- Will President Mahama’s government simply dictate to the Bank of Ghana and force the BoG to drop some of the banking sector reforms, currently being ‘big-brothered’ by the IMF?
I would like to see a detailed plan from President Mahama and his team on this subject, beyond this announcement.
Kwaku Antwi-Boasiako is a corporate professional with education and experience in finance, business administration, the economy and governance.
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