The Minority in Parliament have endorsed the National Democratic Congress (NDC) leader and 2020 flagbearer John Dramani Mahama’s vision for Banking Sector Reforms if given the nod for the second time as President.
He has announced to hold a stakeholders forum within the first 100 days upon coming back into the office to address the effectiveness of the regulatory architecture and to build consensus on gaps as well as needed reforms to promote greater financial stability for growth.
The Minority in a statement issued and signed by Cassiel Ato Forson, spokesperson on Finance said "We agree with the idea to amend the Banks and Special Deposit Institutions (BSDI) Act 930 (2016), which was put together by us, based on a careful observation of how the framework has been applied, to enhance its effectiveness."
The statement said, "We will also support plans to freeze new bank licenses for a period of time while getting as many banks as possible to list on the Ghana Stock Exchange."
The minority finds it a laudable the idea to look at the Receivership and Liquidation framework in the Act to make it easier for the Administrator to reverse a decline rather than making it automatic for an insolvent bank to be liquidated.
Finally, the minority said they would support their leader to implement further regulatory reforms to enhance the functions of the Bank of Ghana while establishing a Financial Sector Conduct Authority to regulate market conduct and ramp up consumer education. We will push ahead with the financial inclusion and innovation agenda, by setting up an appropriate authority to regulate microfinance and allied sectors, while developing the rural banking system and enhancing the role of the ARB-APEX Bank’s supervisory structure.