President confident of turnaround in banking sector

President Akufo Addo has reiterated his commitment to turnaround the country’s economic fortunes and expand the financial sector.

He admits that his administration comes at a time that the banks are facing tough times which have impeded their growth and their ability to support industrial growth.

According to the President, the policies being enrolled to deepen investor confidence should also culminate in the expected growth.

The President made the remarks when the MD of Standard Chartered Bank, Mansa Nettey, called on him at the Flagstaff House on Friday.

“So we’ve come at a very exciting time in the history of our country and a challenging time in the history of banks. Banks all over the world have been going though major problems and how to reposition themselves try to master in a very unstable and uncertain world economy and it has not been stable for them and the world economy,” he said.

The huge debt portfolio that has fallen the financial sector has been a major concern for the NPP government.




The majority of the debt has been attributed to the huge debts owed by the Volta River Authority.

But President Akufo Addo is confident the efforts such as the recent reduction in the policy rate by 200 basis points from 25.5 to 23.5 percent.
“If you have had the capacity to get this far, then you must equally know that you will have the capacity to master the environment as well,” he stated.

On her part the Managing Director of Standard Chartered Bank, Mansa Nettey outlined plans by her outfit to support the private sector towards attaining economic growth.

“In terms of private sector growth, this is an area that we are looking very closely to and we are looking to grow that part of the economy. We are looking at supporting them and we’ve carved out a very special unit mainly because of the importance of the SME,” she observed.

Source:citibusinessnews.com