Banks fear the rising cost of offering services in the country could impact on post covid-19 economic recovery. 

These cost elements is due to the effect of covid-19 pandemic which changed the mode of operations for many businesses in the country, as a way of reducing the infection rate.

Some institutions have to accelerate their investments in digital channels and point of sales services.

Speaking to Joy Business at the maiden Money Summit in Accra, Chief Executive of FBN Bank, Victor Yaw Asante believes the situation can be controlled if necessary measures are put in place.

“Because of the pandemic and the need for us to start working more on our platforms [digital], it has accelerated the cost.  Indeed, there has been some unplanned expenses and cost of doing business going up due to some adjustments that we had to make in the bank” he said.

After addressing the first panel session, Mr. Asante called on the Bank of Ghana to fast-track processes in appointing key directors into the various banks.

He feared that the delay in approving appointments could affect the recovery process of the financial sector and thereby the economy as a whole.

Meanwhile, Senior Country Manager of PwC, Vish Ashìagbor, believes there is no cause for alarm despite the rising cost of banking in the last few months.

He expressed confidence that the Central Bank is on course to make the Ghanaian banking industry one of the finest in the world and thus requires all stakeholders support.

The Money Summit is under the theme: “The Role of the Financial Sector in Post-Pandemic Recovery”.

It was a day roundtable platform that sought to bring together players in the financial sector to dialogue on issues pertaining to the sector.

The objective is to bring up innovation and policy alternatives to help shape the country’s agenda for post covid-19 economic growth.