President Nana Akufo-Addo says the prudent actions taken by his administration and the Lender of Ghana to help save and sanitise the banking sector are commencing to generate good results.
Speaking at the official opening of the new head office setting up of CalBank, on Wednesday, that mentioned that “at the end of the very first quarter of 2019, the banking marketplace performance in complete property, complete deposits and internet loans and developments, all saw positive expansion.”
In accordance to the March 2019 Banking Sector Report of the Bank of Ghana, “an assessment of the banking sector’s performance for the duration of the 1st two months of 2019 showed a effectively-capitalized, worthwhile, liquid and stable sector with strong prospective clients for elevated financial intermediation.”
From the earlier mentioned, the President stated that “it is evident that the measures we took saved the banking market from a really dire situation, characterised by the existence of many weakly capitalized financial institutions, with harmony sheets encumbered by a multitude of very low executing financial loans, pursuing bad organization styles with weak governance methods, and, mainly, non-existent central bank regulation.”
These actions, he stressed, saved not only the deposits of some 1.5 million Ghanaians, their corporations and the people today they used, but also minimised job losses in the banking sector.
Describing the new head office building as an impressive piece of architecture, President Akufo-Addo thanked the lender for becoming an integral component of Ghana’s economic tale more than the very last a few a long time and has demonstrated by itself to be a strong financial institution.
Authorities, the President explained, will continue to function and develop a long lasting monetary sector, with Ghanaian financial institutions, ideally, top the charge.
“We will work with economical establishments and regulators to endorse electronic finance and cell revenue use, and, thereby, formalise the Ghanaian economy,” he said.
President Akufo-Addo ongoing, “Already, cellular dollars penetration in Ghana is the next best in Africa, and, with reforms to our payment program, we anticipate that Ghana will have a powerful aggressive edge in the area for economical innovation and obtain to credit history. We are also operating challenging to cut down desire prices, and our efforts have yielded some modest successes.”
The President confident that the authorities he leads will go on to inspire domestic champions to grow, and choose substantial positions in vital sectors of the economy.
“A mindful look of the achievements of CalBank fortifies my perception that, with challenging get the job done, ingenuity, innovation and creative imagination, we can realise the vision of a Ghana Further than Support,” he included.
As Co-Chair of the United Nations Secretary General’s Group of Eminent Advocates on the 2030 Sustainable Progress Ambitions (SDGs), President Akufo-Addo was gratified by CalBank’s decision to use clean, very affordable energy from the 500 Kilo Watt solar plant mounted in their facility, in realisation of Aim No. 7 of the SDGs.
“Again, in my capability as the African Union Gender Winner, I am happy to understand that there are additional women of all ages than adult men in administration positions at the Bank, also in fulfilment of Purpose No. 5 of the SGDs.
“Clearly, the Board and Administration of the Financial institution realize the worth of the SDGs and their helpful impact on enterprise,” the President added.
He indicated that the formal opening of the new workplace setting up “is the get started of a new interesting chapter of expansion and innovation for CalBank”, and congratulated the Board Chair, Customers of the Board, Taking care of Director, and the administration and staff members for bringing CalBank thus considerably.