Government will soon establish a Financial Stability Council, that will see regulators in the banking, communication and the insurance industries to share information to make the financial sector more vibrant. Vice President, Dr Mahamudu Bawumia announced this at the opening of the 22nd National Banking Conference in Accra.
While commending the Bank of Ghana for efforts made to sanitise the banking industry, Vice President Bawumia also challenged stakeholders to help bring back the confidence in the banking sector by applying prudent banking practices that will safe guard customers’ deposits.
Top on the agenda at the 22nd National Banking Conference was how banks can proactively manage their assets and liabilities properly to achieve a net position to pay depositors’ monies when they are due for payment.
This will also boost the confidence in the banking sector. This follows the current uncertainties in the sector which have led to the consolidation of about seven banks as a result of mismanagement of funds.
The conference also touched on the need to deepen financial education to enable the public to take the right financial decisions.
Vice President Mahamudu Bawumia said the financial sector is a key pillar in the economy. “Government, is therefore passionate about protecting the sector.”
He said the Financial Stability Council will not only help industry players share information, but also eliminate corrupt practices in the system.
GBC
