Local Banks To Become Stronger

President Nana Addo Dankwa Akufo-Addo has assured the Ghanaian public that recent measures taken by the Bank of Ghana (BoG) to sanitise the banking system in Ghana will help create much stronger indigenous banks that would propel the rapid development of the Ghanaian.

The BoG last month merged five indigenous banks into Consolidated Bank of Ghana Limited, citing various infractions and solvency issues.

The President explained that measures would provide the needed leadership for the growth of indigenous banks in the country. 
This is “prelude to establishing a new state-owned bank”.

Furthermore, the President said that it was unhealthy for the Ghanaian economy if all the dominant banks in the country were all foreign owned.

“It is very dangerous for our future if we allow that to happen,” he added. 
The President made these comments when he met the Ghanaian community in Kigali, Rwanda, yesterday. 

The President was convinced that if Ghana’s indigenous banks are strengthened, they would be a major pillar for the rapid development of the country. 

Additionally, he said his government has put in place measures in setting the macroeconomic indicators of the country on a sound footing to propel a thriving economy. 
He said his government has, since assumption of office, chalked some significant successes in areas such as achieving and maintaining single digit inflation.

Furthermore, his government is creating an enabling environment to ensure that businesses thrive. 

The President also noted his government’s resolve to judiciously utilise the country's resources to achieve the vision of a Ghana beyond aid.

Briefing the Ghanaian community on his recent trip to China, the President said his government is keen on leveraging the country's resources to achieving self-sufficiency. 
He added that his government's flagship programmes, such as the ‘One District, One Factory’ and ‘Planting for Food and Jobs’, will serve as the fulcrum around which the country's industrialisation agenda could be achieved. 

The Free Senior High (SHS) policy, the President said, would play a major role in nurturing the requisite human resource of the country that would have the capacity to compete on the global market and develop the country.

He urged the Ghanaian community to continue to be law abiding and productive in all their endeavours, and promised that his government will use the country’s resources efficiently and honestly.

Ghanaian students offering legal practice in Rwanda requested of the President to assist with some challenges they face with the Ghana Law School in terms of continuing their law education in Ghana.

The President, in response, said although he could not speak for the Ghana Law School or the Ghana Legal Council, he would be an advocate for the students to finding an amicable solution to the problem. 

President Nana Addo is in Rwanda on the invitation of His Excellency Paul Kagame, President of Rwanda, to participate in the African Green Revolution Forum (AGRF), being held on the theme ‘Lead, Measure, Grow: Enabling new pathways to turn smallholders into sustainable agribusinesses’.