Banking Consultant calls for stricter banking reforms to avert future crisis

A Banking Consultant has called for stricter banking reforms to avert future crisis.

Dr Richmond Atuahene says Ghana’s banking crisis is yet about starting, contrary to claims by the Central Bank Governor that reforms in the banking sector have been completed.

Dr Atuahene argues that the banking sector still faces issues with suspicious human resource and bad corporate governance practices.



He was speaking at the Respected CEO’s Breakfast Series in Accra on Tuesday.
“Even though there are new regulations and reforms, these can’t stand if we don’t crack the whip and ensure full compliance. If we leave them to do what they want, do expect serious ramifications – something worse than the recent banking crisis,” he said.

Managing Director of the Ghana Amalgamated Trust (GAT), Eric Otoo, also argued that even though confidence level in the banking sector has waned, new reforms being introduced including the GAT will help strengthen the sector.

According to him, “with the coming on board of new reforms, the confidence level in the banking and finance sector is expected to rise. What we need now are strong regulations backed by strong corporate governance,” he revealed.

The Respected CEOs Breakfast Series was organized by the Business and Financial Times. The event saw experts from both government and private sector exchange ideas on solutions to Ghana’s financial sector.

Source:Myjoyonline